JAS : Technicals point to increased risk
June 11, 2011 Leave a comment
JAS may remain a punt for several more weeks, possibly longer, but unless it powers past 2.92 and holds north of here soon, the risk of a dip to 2.62 or so increases exponentially. Indeed a medium term reversal and a pullback all the way to 1.40 or so is what that very ugly head and shoulders is warning us of, and for now, be nimble if you enter for a quick punt.
Closing at 2.96, there is some support at 2.88-2.90, but given a market sell-off and fresh lows, if it dips to 2.80-2.82 it may be worth more of a look for rebound traders in coming days.