JOYG - Joy Global
March 16, 2008 1:47 PM
My long term charts suggest that we either just saw the March high for JoyG or it could explode to the upside. My short term charts suggest to take the former and exit the stock right here.
You could also short it here on a bounce to $70.50 with a hard stop above $72.00. The short side of this could be a tight trade or it could fall rather sharply. Charts have not confirmed this yet. In April I will have a better call on the longer term here.
$63.50 looks to be reasonably important here. If we could get under that, then $60.70 test would be in the cards.
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