Meredith Corporation : Running out of steam as opportunity
March 11, 2013 at 10:46 am EDT
By
Entry price | Target | Stop-loss | Potential |
---|
$37.44 |
$0 |
$35.6 |
-100% |
---|
The 24th January, Meredith Corporation has published record revenues for the second quarter of 2013 (+10% compared to the same period the previous year). At this moment the stock had, consequently, broken out the USD 36.75 resistance.
After a sharp rise toward USD 44.2, the security has run out of steam and return to the USD 36.75 area, which is now a major support. Thanks to this level and the 50-day moving average in support, prices should bounce toward USD 41.2.
The most active investors can buy the share in this area and target a return toward USD 41.2, then USD 44.2. A stop loss can be placed under the USD 36.75 support.
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