|
Home
Up
Co-brand
Partnerships
| |
| 3/15/99 Brooks Automation (BRKS)
Points to watch: Brooks rally from its
September lows was stopped in mid February at the 50% retracement of its 10/97-9/98
decline--a bearish sign. Equally bearish has been the deterioration in several
techical indicators since early February. Daily MACD gave a sell signal on 2/12.
Daily RSI and stochastics have been in downtrends since early February. Daily
ADX has fallen below 40. Weekly stochastics and RSI have given sell signals, and
weekly OBV has turned down. BRKS has fallen below both its 21 day (23.13) and 55 day
(20.58) moving averages. The stock closed on Friday at important support at 20.13.
The Gann 2x1 angle at 19.75 also provides support. Aggressive traders may
short the stock on a break below 19.75, more conservative traders should wait for a break
below 19.54 (the 38% retracement of the 9/98-2/99 rally). In either case, DO NOT
short at prices above 19.75. The first downside support on a break is 17, with a
second target of 14.5 on a break below the 17 level.
|
|
