The 17 level has been a sweet trade for short sellers of Gencorp (GY) the past two times. As shown below below in 1987 & 2006. Each instance a double top pattern triggered the breaking of the 17 level support line. Now a 1 month H&S top completed and the 17 level has been breached. Will the short sellers enjoy their treat this time too?
The origin of the word haptics is the Greek haptikos, meaning able to grasp or perceive. Immersion Corporation (IMMR) is a developer of haptic technology more on that here. IMMR has completed a H&S Top with a neckline at 12.25. If you look back at 2008, we will find that IMMR completed a Double top pattern with almost the same neckline level. After breaking down IMMR continued to drop to $2.31 in March 2009. Will we have a similar cycle to the downside this time?
McDonalds (MCD) looks very weak here..being down on a day like this, in addition to closing the gap at the island reversal, plus the analogy of the past year.
Looks like a good short candidate with a stop @100.90. Pls share/comment !