GMCR took out our suggested stop intraday today and proceeded to push lower. Word has it there were rumors of a negative analyst report coming out soon… The day’s volume was above the 50 day average, but not by a lot… the stock also started to bounce a bit and was off its lows by day’s end.
We would remain on the sidelines, but with a bias to the upside unless the bottom of the Major Support Range (around $56) is broken. We would view long signals as opportunities to reenter the stock.
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