• Home
  • About Us
  • Authors
  • Contact Us
  • Privacy Policy
  • Accessibility
  • Terms of Use
facebook
lastfm
linkedin
tumblr
pinterest
  • Sports
  • Entertainment
  • Automotive
  • Technology
  • Fashion and Lifestyle
  • World
  • Featured
  • Investment
BREAKING NEWS
Facebook Inc., (NASDAQ:FB) has no plans to reward the hacker, despite admitting flaw in its security and administrative side
Intel Corporation, (NASDAQ:INTC) is well poised to be the market leader in mobile and wireless market
Urban Outfitters, Inc. (NASDAQ:URBN) – Major Breakout Above $46.50
The Western Union Company (NYSE:WU) Faces Resistance In $18.70-$19.60 Zone
The TJX Companies, Inc. (NYSE:TJX) Is Close To Its Initial Target Of $55.50
Genworth Financial Inc (NYSE:GNW) – Buy Above $12.75 With Stop Loss Below $11.60
The Wendy’s Co (NASDAQ:WEN) – Long Term Target At $9.50 Levels
Dicks Sporting Goods Inc (NYSE:DKS) – Major Support Only In $43-$45 Zone
Sirius XM Radio Inc (NASDAQ:SIRI) plans to offer telematics service with its acquisition of Agero unit
Bank of America Corp (NYSE:BAC) remains as one of the favorite for small business owners

Genworth Financial Inc (NYSE:GNW) – Buy Above $12.75 With Stop Loss Below $11.60

Posted On 21 Aug 2013
By : Jake Emen
Comment: 0
Tag: Genworth Financial Inc (NYSE:GNW), NYSE:GNW

Denver, CO, 08/21/2013 (Avauncer.com) – Genworth Financial Inc (NYSE:GNW) (Closed: $12.13, Up: 0.92%) opened weak and made its low in the opening minutes itself but soon recovered and closed in the green. The volume at 8 million was just slightly higher than the average volume. The price action of the day formed a Bullish Hammer candlestick, which might be a precursor to a rally.

The stock had rallied from its 2003 bottom of $18.75 to make a top at $37 by 2007. It made a Rising Wedge or an Ending Diagonal, as called in the Elliot Wave parlance, at the top and the break of that pattern brought a vicious fall down. The most destructive bear market of the last few decades didn’t help the case and the stock spiralled down to $0.7 by the end of 2008. The subsequent recovery retraced the last part of the fall and took the price to $19.36 in 2010. The next correction took it to $4.06 levels once again by 2012 which happened to be the latest bottom. The stock created an Adam & Eve Double Bottom with the neckline at $9.68. It broke out that pattern in March 2013. The pattern gives us a target of $15.30, which is not achieved yet.

The price got resisted at $13.79 in July 2013, which is the 61.8% retracement level of the previous fall in 2010 – 2012. The next resistance levels would be the last swing high of $14.77 levels & the $16.10 – $16.30 levels above that. If we take the last fall as the B wave, then C has started from $4.06 for a target of $22.64. This would be confirmed by a move above $16.30.

The correction of the last 5 weeks has taken support exactly on the lower boundary of the huge channel that contains the entire rally from the 2012 bottom. Investors could buy above $12.75 with the Tuesday low of $11.62 as a stop loss.

About the Author
Jake Emen is a writer residing in Houston, Texas. He has written numerous articles, some for the Washington Post, USA Today, the LA Times, and the Houston Chronicle. One of AC s Top 100 Content Producers, Carly Hart s interests include news, politics, parenting, frugal living and consumer related issues. He acted as a customer advocate and has extensive experience working on Wall Street. As a highly acclaimed industry leader, he has been a catalyst for public education and accessability of financial services.
  • google-share
Previous Story

The Wendy’s Co (NASDAQ:WEN) – Long Term Target At $9.50 Levels

Next Story

The TJX Companies, Inc. (NYSE:TJX) Is Close To Its Initial Target Of $55.50

Leave a Reply Cancel reply

*
*

RECENT

POPULAR

COMMENTS

Facebook Inc., (NASDAQ:FB) has no plans to reward the hacker, despite admitting flaw in its security and administrative side

Posted On 21 Aug 2013

Intel Corporation, (NASDAQ:INTC) is well poised to be the market leader in mobile and wireless market

Posted On 21 Aug 2013

Urban Outfitters, Inc. (NASDAQ:URBN) – Major Breakout Above $46.50

Posted On 21 Aug 2013

The Western Union Company (NYSE:WU) Faces Resistance In $18.70-$19.60 Zone

Posted On 21 Aug 2013

The TJX Companies, Inc. (NYSE:TJX) Is Close To Its Initial Target Of $55.50

Posted On 21 Aug 2013

Syria Crisis: Ikhbariya TV Channel hit by Gunmen

Posted On 28 Jun 2012

Spain beats Portugal to advance to Euros Finals

Posted On 28 Jun 2012

Landslides and FloodscHit Bangladesh

Posted On 28 Jun 2012

Super Mario Sends Italy to the Finals

Posted On 29 Jun 2012

Thrilller Michael Jackson’s Tiger dies

Posted On 29 Jun 2012
Copyright 2013 Avauncer Inc. All Right Reserved. Powered by Avauncer Media.