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This stock has been in bad shape since 3/17/07 when its relative strength indicators revisited its comfortable negative territory, indicating that the stock is resuming its weak status. Institutional investors noticed this mid February '08 when they started selling their positions.
While today there is some institutional ownership in Sharp, it is not enough to merit buying into the stock. Further, the stock has been trending above and below both the 50-day and 200-day moving averages, so it cannot even figure out what it wants to do.
Most recently, in June '08, the stock dropped on higher-than-usual volume below both moving averages and has stayed there since. While on a positive note, the stock did what looks like a double bottom around $15.69 and has trended up back towards the 50-day moving average, the last candlestick was the kind of formation that indicates a top has been put in, and so I don't believe it will go up much further than this.
One interesting note -- it is interesting that the last time the stock rallied, it put in the same kind of double bottom (late October '07 and mid-November '07) before rallying up, so perhaps there is a rule that when this stock forms a double bottom, it rallies a bit from there.
All this being said, I'd say STAY AWAY from this stock because it is not one to own.
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