Monday, December 14, 2015

RHT Chart - Follower Request - 12/14/15

This chart was requested by a follower of the blog. Feel free to make requests of your own!
RHT formed a double top in early December at $83. A double top is typically followed by a decline in the stock’s price, as we have witnessed since. How far the stock will decline is entirely up to the investors/traders. In RHT’s case, it seems that previously investors have found the stock attractive (creating a support line) at $77.50 and then again at $70. The stock is resting right on the $77.50 support line, and any breakdown below this line could create major issue for longs, perhaps retracing all the way down to $70..