Bounce Ahead For Circuit City (NYSE: CC)? Asks Market Timer Frank Kollar
August 8, 2007 (FinancialWire) (By Frank Kollar)
Shares of Circuit City (NYSE: CC) have been in a protracted decline that has cut some 70% off its 2003-2006 rally. Is it time to buy?
Circuit City is nearing a critical support level, the Fib 78.6% retracement of the entire four-year rally. This support, at $9.82 a share, could result in a tradable rally. Whether or not it will be a bottom is debatable, but there should be a decent bounce for short-term traders. If $9.82 is decisively broken, the next support is all the way down at $4.00 a share.
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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