Priceline Com Inc. (NASDAQ: PCLN) Plummets Afterhours Says Market Timer Frank Kollar
August 6, 2008 (FinancialWire) (By Frank Kollar)
Shares of Priceline Com Inc. (NASDAQ: PCLN) took a substantial hit in afterhours trading after releasing quarterly results below analysts expectations. Priceline had rallied adding some 5% in Tuesday’s trading.
The selloff afterhours puts share prices below their July lows of $100 a share and if the selling continues, threatens to push prices to their January 2008 lows.
The current rally is history, but the January support at $89.36 a share needs to hold or Priceline will start a down trend that could extend considerably lower.
If Priceline closes below $89.36 a share in coming days a short position may be warranted using the prior support level as a buy stop. If support holds, and Priceline has a bullish chart reversal, there may be a bullish trade using support as a sell stop
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.
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.
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