Technical Analysis of Financial Markets

Thursday, August 03, 2006

Bayer AG (BAY)

German drug manufacturer Bayer has recently hit a new 52-week high and may be subject to some profit-taking; overbought stochastics have crossed and may signal lower prices. The recent 2-month uptrend has today been breached. Current prices may provide entry to a possible short position targeting Fibonacci retracement levels. Stop-loss close above $50.

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