AMED, CREE, FCN, JDAS Among Boxer Shorts to Watch
by Harry Boxer, www.TheTechTrader.com
Be alerted when Harry posts an article
Today I want to cover some of the Boxer Shorts as the indices appears to have downside pressure and may be headed lower.
Amedisys Inc. (AMED) has been looking ugly since the rollover in May and June, got really ugly in July, and it has consolidated here. But it appears to be on the verge of a possible breakdown as a wedge pattern has formed that could result in a move down to the bottom of the channel in the mid-to-high teens. Initial target 19-20, secondary target around 16.
Cree Inc. (CREE) broke key support last week and has been unable to regain its footing. It is currently in a pattern that reversed sharply today, taking from 57.20 down to 53.64, nearly a 3 3/4-point drop, and closing at the session lows. Looks like this one is headed lower, with 46 my short-term trading target, and beyond that maybe even as low as 40.
FTI Consulting, Inc. (FCN) broke out of a bear wedge, and has been drifting lower. Target around 30 1/2, beyond that down around 28.
JDA Software Group Inc. (JDAS) is also in a wedge and coiling near the apex. A breakdown looks like we may see something near the 19 range. Secondary target down around the 17 range.
Mindray Medical International Limited (MR) took a tumble in May, consolidated for a couple months, broke down hard in early August, and now is bear-flagging. It certainly has potential for more downside. Next target is 22–23.
Other shorts highlight tonight are Almost Family Inc. (AFAM), Conceptus, Inc. (CPTS), Quest Diagnostics Inc. (DGX), Dolby Laboratories Inc. (DLB), Amdocs Ltd. (DOX), Global Payments Inc. (GPN), Jinpan International Ltd. (JST), Blue Nile Inc. (NILE), Omnicare Inc. (OCR), Research In Motion Ltd. (RIMM).
