Thursday, September 21, 2006

Chart: GROW

One of the market's favorite recent momentum plays, GROW (U.S. Global Investors, Inc.), has run into a bit of trouble. I am monitoring the developing $30-34 range. A breakout in either direction will likely get me into the stock, although would prefer a breakdown since I have a bearish bias right now. Keep an eye out for a break of $30 tomorrow, since it is treading at that level. A few nice things in play for a short setup: RSI has broken below 70, MACD has been in a downtend and is about to cross zero, and the next area of support is at $26.

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