American Not So Super
Posted: February 19, 2014 Filed under: Double Bottom, Reversal | Tags: $AMSC, American Superconductor Corporation, megawatt-scale solutions
Super is probably one word that does not describe American Superconductor Corp (AMSC) stock performance for the last 3 years. AMSC has been in a relentless downtrend taking the stock from $44 to less than $2.0.
Taking a look at the stock today, we see a possible attempt for a turnaround on increased volume through a 3 months Double Bottom formation that failed yesterday to close above the neckline at 1.83. A decisive close above the latter level, indicates an initial target of $2.23 and maybe the end of the downtrend?