Traders Baking Profits in Martha Stewart (MSO)
09/02/2009 12:01 am EST
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:
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.
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