Wednesday, 21 March 2012

SHLD - Sears still in the channel..just

Sears was down 4% today, the biggest fall in over a month, but its still holding within the powerful upward channel.

Sears, daily, near term

Arguably, a break below about 71, should open up mid 50s. The MACD is now over 65% reset, so there is the real potential for Sears to stabilise, and benefit from another up cycle move - above what did prove to be a resistance level - the October peak of 82.

It remains a disturbingly long way down to the high 20s, which was hit a mere 12 weeks ago.