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AMR Corp (AMR) - Control has been Lost
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Posted on 02/05/10 at 10:10am by Sleibhin
The daily chart of AMR Corp (NYSE: AMR) shows that the minor correction is over and that the "pilot has lost control" and the steep dive has been resumed.
The entry point in this short trade was 8.10 . With the close in the last session of 6.92 the paper gain is 1.18 per share. The initial target based on a potential FlagPole pattern was 5.85. That target level has been changed to 6.46 with potentially more downside.
Based on Fibonacci ratios, the Support and Resistance levels for the AMR Corp stock are :
-------- 7.39 --- 6.96 --- 6.52 --- 5.65 --- 5.11
The calculated Daily Resistance and Support levels are as follows:
- DR4- 8.41
- DR3- 7.96
- DR2- 7.51
- DR1- 7.22
- DC- 6.92
- DS1- 6.77
- DS2- 6.61
- DS3- 6.16
- DS4- 5.71
Additional information on this trade is available at :
http://www.benzinga.com/general/90254/is-amr-about-to-go-into-a-dive
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