The daily chart is showing that there was a gap to be filled at $60. There was two strong breakouts on 11/28/12 and 1/24/13, respectively. This week's price dropped was a healthy pause. Look at the recent past, it dropped 8% within a day several times but quickly recovered strongly and made higher high. So far the rating from IBD and Zacks are still very high up, which means the GMCR's fundamentals were as strong as before when earnings was released this week. $50-$55 would be the first Fib resistance.Just hang it there.
To understand the technology alone does not guarantee your success of investment. To know the market could have better chance to make money. The author just believed this stock was overvalued based on financial ratios which was one of trading styles many traders used. One day up does not make a trend. Just be cautious.
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I don't own this stock. Technically it looks bullish candles pattern on both weekly and monthly chart and trend line breakout.. But price on the daily chart could have been overly extended and correction could be due soon. $6 could be an entry point. This company seemed to disappoint investor consecutively in the previous 4 quarters although analysts revised up EPS from 0.14 to 0.17 at current quarter. Although insiders increased their shares, the institutional funds were selling 3.8 Million shares. Just be cautious.
There could be a strong rebound to $31-32. There was 5% increase from Institutional funds owning shares. Although still in the red, the Q3 estimated EPS is up 50%. Last quarter sales was up 71%. If the Q3 earnings is disappointed, the price could plunge to $23. So far, SPLK seems to move up by anticipation that good earnings report is coming.
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