Savory Symmetry in Yum! Brands
In looking at Yum! Brands (YUM), I found some interesting time symmetry on its chart -- and that makes this stock look good for a possible buy entry. On the daily chart below, I've marked where the prior decline -- into the Oct. 4, 2011 low -- lasted 57 trading days. The swing into the July 12 low was also made 57 trading days down from the April 20, 2012 high. Isn't that an interesting coincidence?Yum! Brands (YUM) -- Daily Source: Dynamic Trader View Chart » View in New Window »
That latter 57-day low was made at the confluence of three or four Fibonacci price relationships at the $60.80-to-$61.33 area. Now, after an initial rally off the July 12 low, shares have pulled back nicely into another important support decision. If the July 12 low is any good, then we should see new buy triggers against this new support zone at $62.12 to $62.94. If the price continues to hold above the July lows, $78.08 will be the bigger-picture target on the upside. If, alternatively, this same key low is taken out, then I'll rescind my bullish bet on the stock....251 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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