Comfort and JOY
Let's have another look at Joy Global (JOY). 'Tis the season, right?
Months ago, I started looking at the weekly chart and found what I felt was a relatively important low made in July. This is where both time and price parameters came together at the same time. As far as timing was concerned, I noted the similarity of the prior swings down in time. We had prior declines of 23 to 27 weeks before this stock provided a decent rally. The low in July was made 24 weeks down from the January 2012 highs. This 24-week low was made into a key price support cluster at the $45.84 to $48.31 area. This zone includes the 0.618 retracement of a major swing, a 0.786 retracement of another, along with a 1.272 extension of a prior major swing....403 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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