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Shorted OMI at 27.55

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August 18, 2010 – Comments (0) | RELATED TICKERS: OMI

Added Owens & Minor to the portfolio this afternoon, shorting it at $27.55. Couple of things to note on this one, the first of which is the nice downward channel it is trading in, particularly on the daily and weekly charts. However, I am going to be cautious of any break to the upside, as it could quickly signal that the stock is beginning a new upward trend. At the moment, that is the main risk that I will be watching in regards to the stock's performance. Should the market experience a steep sell-off, we could see a breakdown through the bottom support level, that would send the stock into the low 20's.

Here's the chart analysis on OMI.

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