Lumber Liquidators Showing Some Technical Signs Of A Rebound

em>Joel Elconin is the co-host of

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Lumber Liquidators

shares are trading lower by $0.30 in at $21.18 in Tuesday's session. After a rally to $23.20 instigated by a rumor of the company being bought by Home Depot

, it is migrating towards its three and one half year made on June 9 at $20.01. Since making that low, it has put in place a series of five higher lows, which may signify a step-up looking to cover a short position or initiate a long. In addition, it if it closes near the $21.50 level, it would be the third consecutive day of closes in the same area after ending Friday's session at $21.49 and Monday's session at $21.48. The issue spiked to its high for the session ($21,85), when Reuters report indicated the company is moving towards ending the sales of Chinese laminate flooring. If the spike to $23.20 was eliminated from the charts, it should a trading range since May 21. That was the day following the resignation of CEO, which caused the issue to swoon from $25.27 to $21.10. The range is from $20.01 to $22.50.