DreamWorks Shares Draw Attention

DreamWorks Animation (DWA) saw a 100% rise in its stock price in 2013, and in the first three months of this year saw a 50% retracement of that gain. It has been attempting to base at this level, and the price and money flow momentum indicators are attempting to turn positive. The combination of stability in price, a 25% short interest, and an earnings report next week sets up the potential for some covering and a short-term move higher in the stock.

The weekly chart below shows the 2013 advance, the 50% retracement this year to the $26 level, and the improving indictors. Moving average convergence/divergence is positioning for a bullish crossover, the Relative Strength Index is tracking higher, and the Money Flow Index, a relative strength measure that incorporates money flow, is moving out of an oversold condition. The Fibonacci fan lines, drawn from the measured low point thorough the intersection of the measured high point and the retracement levels (dashed red line), have supplied additional support....140 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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