Gannett Co Inc (NYSE: GCI) Breaks Key Support Says Market Timer Frank Kollar
August 9, 2007 (FinancialWire) (By Frank Kollar)
Shares of Gannett Co Inc (NYSE: GCI) have broken a key support level. After a nine-year rally from 1994-2004, Gannett has been declining for almost three straight years. Throughout the 2007 market rally and even this Wednesday when the Dow tacked on 153 points it continued to fall.
Gannett has now broken below the Fib 61.8% retracement of the entire nine-year advance at $49.00 and that break of support forecasts further losses to the $37.65 level. That equals an additional 23% decline.
Of course technical indicators are not written in stone. But certainly shares of Gannett are better sold, even after losing 62% already, then held for further losses.
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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