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Tuesday, August 28, 2007 

Garmin ready to ..... ? US Markets with a big drop

Chart courtesy of stockcharts

What do you think it will happen to Garmin stock after today drop ? breakdown the trend, double top made or just a restest of the uptrend ? Give me your tips and share with the others investors !!! Honestly speaking I think stock will test the uptrend once again. This baby since the begin of the year has been one of my top picks. Stock are still making nice upwards, and the Bullish pattern is very clear on the chart, however today close below 20 dma, should push stock to test the uptrend line at $92.

Chart courtesy of stockcharts

S&P 500 closed down 2.35%. New selling pressure came to the market after FED minutes, worries about the economy are still on the table. Technically indices closed the day in a bad technical situation, SPX below its 20,50,200 dma.

Chart courtesy of stockcharts

The Dow Jones Industrial Average closed down 2.10% and has now the major support at its 200 daily moving average.

Chart courtesy of stockcharts

Nasdaq Composite closed down 2.37%. Indicators are showing bearish signals, such as CCI and RSI. Since July highs Nasdaq is trading in a short downtrend as show the chart, it has now the major support as DowJones at 200 dma.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice evening !!!


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Hi AC !!!

GRMN will for sure test the uptrend but I don't think that it will break.


Smith (U.S)

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About Me

  • I'm a 44 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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