8/14/2017 – 4 Stock Stinkers CBI, IMAX, M & TEVA
A request came from a Trendy Stock Charts member to do some analysis on a couple of what he referred to as "4 stock stinkers". Those companies were Chicago Bridge & Iron, IMAX Corporation, Macy's & Teva Pharmaceuticals. The ticker symbols for these stocks are CBI, IMAX, M & TEVA, respectively. I have not written about any of these companies previously.
So let's dive right in and see just how bad these stinkers look. Maybe there is a way to mask some of the odor with Febreeze air freshener. I use Fibonacci Extension Tools and previous consolidation areas to analyze potential downside support areas.
If any of the companies look like they have turnaround potential after they reach one of their support areas I've identified below, drop me a request to do a follow-up article. In the meantime, let's see just how bad these 4 stock stinkers really are.
Chicago Bridge & Iron (CBI)
This chart for Chicago Bridge & Iron (CBI) is a 20 year monthly candlestick chart to look at some of its previous lows. The red Fibonacci Extension Tool I placed on the chart shows a $2.39 price target at the 100% Target Line.
Maybe CBI's share price can find support a little higher than the $2.39 price level calculated by the Fibonacci Extension Tool. That area would the $6 - $8.50 price level.
The current Elliott Wave pattern for the above monthly chart suggests a bottom could be 2-3 months out. Consider monitoring CBI's share price after it pulls back under…...
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I review the downtrends for these companies and provide support areas for each company's share price where you can start watching for a reversal of their share prices.
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