Thursday 31 May 2012

SHLD - Flat May...falling into June

Sears (SHLD) effectively traded sideways for May, but the last two trading days are certainly hinting at a new wave lower.


SHLD, daily


Summary

We've had two days of solid downside, and it looks like a bearish start to June is due. First target remains the big support level in the 42-40 zone. A break under 40..and we're likely looking at a full retracement all the way down to 30/28.

There remain serious structural problems in this company, and I'm bearish all the way to zero.