Stock Chart ARGN

Posted by downtowntrader | 5/04/2008 08:28:00 PM | 2 comments »

Stock Chart Analysis ARGN

Amerigon Incorporated (Public, NASDAQ:ARGN)

Often the best time to enter a trend is on the first retrace after the breakout or breakdown. In ARGN's case, it broke down from a lengthy base in early April, and then retraced to test out the break down area a few days ago. The test failed miserably and it looks like ARGN may follow through on another leg down. It's interesting to note that ARGN has been notably weak in a time where the majority of stocks have been moving higher. While I prefer to not jump in after a stock has dropped 6% in a day, it does look like the trend is resuming and I will look for any near term retraces as a possible shorting opportunity.



Good Trading,


Joey

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2 comments

  1. Anonymous // 1:39 PM  

    Can you please revisit the chart as it looks like it's trying to break out of the downtrend.

  2. downtowntrader // 10:22 PM  

    I still don't like ARGN here. There is clear resistance near $15 and the recent move off the lows is leaving it overbought. I'm not saying it can't consolidate here for an attempt at breaking $15, but I would say the odds favor a retest of the recent lows.

    Joey