RE: RE: Not looking goodI meant big spread in the last post. There is a nice Head and Shoulders pattern on MKP as well. The left shoulder started to form July 2009. The neckline comes in at $12.00. Once that breaks I come up with a measured short term target of $10.75.
I see some support on the chart around $10.50 so that target fits quite nicely. There may be a small bounce at that point. For anyone into elliot wave I think we just saw wave 2 finish and wave 3 down just started on Friday. For those who are not familiar with elliot wave, wave 3's are the largest waves down in a 5 wave pattern. This is speculative of course but, it looks like a clean pattern to me.
No need to get testy....does everyone's opinion have to be bullish? I'm simply pointing out the technicals on this one.
On the fundamental side I think that the main problem here is high "arrears" in many areas of their business. Check out the latest financials. When they write these off it won't be pretty. I think this is why the charts are looking so negative.
SC