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Trading Ideas: OMI

August 19th, 2010 · No Comments

This one is a short..

We’re collecting graphs to see whether they actually tell us anything (on average), hence we’ll be doing this for some time.

This one from Ryan Mallory, that graph sure looks pretty strong..

Just Shorted OMI @ 27.55

Written by Ryan Mallory | 18 August 2010

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Added Owens & Minor to the portfolio this afternoon, shorting it at $27.55. Couple of things to note on this one, the first of which is the nice downward channel it is trading in, particularly on the daily and weekly charts. However, I am going to be cautious of any break to the upside, as it could quickly signal that the stock is beginning a new upward trend. At the moment, that is the main risk that I will be watching in regards to the stock’s performance. Should the market experience a steep sell-off, we could see a breakdown through the bottom support level, that would send the stock into the low 20’s.

Here’s the chart analysis on OMI.

Tags: Technical Trading Ideas