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.
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