Humana Inc. How Low Can It Go? Asks Market Timer Frank Kollar.
May 5, 2006 (FinancialWire) (By Frank Kollar)
Last month we said, “We expect Humana Inc (NYSE: HUM) to now test the $42.00 level in coming days. This was the prior correction low in October 2005.”
Shares of Humana closed today at $41.64, a decisive close below critical support for this beleaguered stock.
In order to find a price target for this decline, we must now move to a longer time frame. Based on the July 2004 through December 2005 rally, the next major support is at $36.24. This is 13% below today’s close.
We expect Humana to reach this level over the coming weeks. Should Humana make a decisive close below $36.24, the next support level is at $31.36. Humana remains a SELL in the Fibtimer.com (http://www.fibtimer.com) Stock Timer Portfolio.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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