Electronic Arts Inc (NASDAQ: ERTS) Continues To Fall Says Market Timer Frank Kollar
January 30, 2008 (FinancialWire) (By Frank Kollar)
Shares of Electronic Arts Inc (NASDAQ: ERTS) bounced along with the rest of the stock market on Wednesday and Thursday of last week. But after that two-day rally, shares of this widely traded stock rolled over and fell, while most stocks continued higher.
Electronic Arts has declined below last week’s two-day bounce and on Tuesday, January 29 th, closed below the lows of last Wednesday. In fact, shares are only just above critical support at $44.66 that, if surpassed in coming days, would likely result in continued declines to the 2006 lows at $40.00 a share.
Now is not a time to take bullish trades on this stock. A strong reversal from the $40.00 level could be a setup for a solid long trade, but the stock is not there yet.
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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