Hello my friends, The Canadian Society of Technical Analyst will be holding its first monthly seminar of the fall on Wednesday October 13, 2010 at 7pm in room J320 at Sheridan College To register for this event go to : http://www.csta.org/index.php?categoryid=3 Seating is limited so register now.
The current trend in the shares of IMG is a range bound pattern with resistance at $20.00 and support at $16.50.
Having said that there is support at $2.50 and transportation stocks tend to enjoy a period of seasonal strength from September to November.
I would expect a pullback in the near term. You can see that volume is thinning out and all the good news is in the stock.
You have to factor in that at some point the market position that AT&T enjoys will no longer exist and that will have an effect on the stock. On the near horizon AT&T will release its Q3 results on October 21, 201o which puts a flex point on the calendar.
I like the story and at this point accumulating a position in a stock that is building a base is not a bad strategy.
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