Are Paper Stocks Bottoming?

06/11/2009 1:14 pm EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart
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The paper group was up 6% Wednesday in a flat market and the daily chart shows what looks like a reverse head and shoulders bottom formation. A strong move through the neckline in the 65 area would project a move to the 100-105 area. The 50- and 200-day MAs are still negative with good support in the 50 area.

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