Stock Chart Analysis HDNG

Posted by downtowntrader | 9/12/2007 09:44:00 PM | 1 comments »

Stock Chart Analysis HDNG

Hardinge Inc. (Public, NASDAQ:HDNG)

While I'm not advocating going net short right now, I am taking some short positions if the chart setup looks decent. HDNG is one that may be rolling over and could offer a nice drop in quick order. HDNG had a sharp drop after reporting earnings in early August, but then had an equally sharp bounce higher a couple of weeks later. It has been struggling with the area highlighted below recently, and just lost the support of the 50 and 20 day sma's. While I won't ignore the recent strength in this stock, the fact is it could be rolling over and may drop all the way to the trend line near 28. The risk may well be worth the potential reward.

Good Trading,


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