CK : First target 8.95-9.00, then 9.60
March 26, 2011 Leave a comment
CK is approaching a major resistance at 8.95-9.00. It looks as if it will at least test this level in coming days, and after a brief period of consolidation should manage a breakout move to 9.60 or so.
The stock has first support at 8.50, and if it comes down to 8.30-8.35 we think it will be worth to buy if not already long for a trade to 8.95-9.00, if not for 9.60 over a slightly longer period. Closing last week at 8.60 (Friday’s VWAP level) if it opens up on Monday, it might be a tad risky to enter near the first resistance noted above – 8.95-9.00