Market Overview

On the Verge of Meltdowns: PLG, SHE, ONP Start to Crumble After Rallies

It was a good ride while it lasted, but the problem with big bullish rallies is that they often just set up charts for a big bearish pullback. A few names specifically come to the forefront thanks to huge downside moves today after major runup in recent weeks. Those short candidates are:

  • Platinum Group Metals Limited (AMEX: PLG)
  • Shengkai Innovations, Inc. (AMEX:SHE)
  • Orient Paper Inc. (AMEX:ONP)

Platinum Group Metals Limited is lower by 5.1% for the day following a 60% pops since December 23rd. Shengkai Innovations, Inc. made a bearish outside reversal today en route to a 5.8% dip – a move that follows almost a 100% gain for the three prior weeks. Orient Paper Inc. is down 7.2% today after rallying 63% over the prior three weeks.

Posted-In: profit-taking pullbacks runupsShort Ideas Technicals Movers Trading Ideas

 

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