Traders Baking Profits in Martha Stewart (MSO)

09/02/2009 12:01 am EST

Focus: STOCKS

Tim Bourquin

Co-Founder, The Traders Expo and The Futures & Forex Expo

Martha Stewart Living Omnimedia (MSO) has been on a tear lately, doubling in price since late July. Although it is still a low-priced stock, there’s nothing holding back on the resistance side until the $9 mark.

See the daily chart below:


Click to Enlarge

On a weekly chart (below), you’ll see a resistance area at $9, which marks the previous high back in mid-September of 2008 a year ago.


Click to Enlarge

In the meantime, MSO looks ripe for at least another couple bucks in the short term. Beware the doji candle, however.  It may indicate a top if that daily candle prints this week.

By Tim Bourquin, Trading Content Director, MoneyShow.com

 

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