Contrarian Stock Market Investing News - Featuring Bargain Stocks » ATK http://www.contrarianprofits.com Access market-beating ideas from the world's top investment gurus on stock market investing, the gold market, ETFs, Forex trading and real estate values. Tue, 24 Nov 2009 09:24:40 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Ticker Of The Week: Alliant Techsystems (NYSE:ATK) http://www.contrarianprofits.com/articles/ticker-of-the-week-alliant-techsystems-nyse-atk/16177 http://www.contrarianprofits.com/articles/ticker-of-the-week-alliant-techsystems-nyse-atk/16177#comments Mon, 04 May 2009 20:23:01 +0000 Jim Stanton http://www.contrarianprofits.com/?p=16177 As you can see on the chart Alliant Techsystems (NYSE:ATK) has enjoyed an uninterrupted rally since the March lows. It blew through the 50-day moving average like it was not there and just kept on going. This is a sign of a very strong stock. 

When a stock is this strong, it will usually not pull back to the normal Fibonacci ratios of 38% to 62% because there are buyers waiting just under the market (of course, that’s assuming that the stock indexes don’t fall apart).

The stock has gained over 30% since March and is overbought. Whatever the short-term high turns out to be, I’d be looking to buy it on a 23% to 38% retracement. Those numbers are currently sitting at $77.40 and…

]]> As you can see on the chart Alliant Techsystems (NYSE:ATK) has enjoyed an uninterrupted rally since the March lows. It blew through the 50-day moving average like it was not there and just kept on going. This is a sign of a very strong stock. 

When a stock is this strong, it will usually not pull back to the normal Fibonacci ratios of 38% to 62% because there are buyers waiting just under the market (of course, that’s assuming that the stock indexes don’t fall apart).

The stock has gained over 30% since March and is overbought. Whatever the short-term high turns out to be, I’d be looking to buy it on a 23% to 38% retracement. Those numbers are currently sitting at $77.40 and then $74.20, respectively.

A 50% retracement is unlikely, but it’s possible if we see a serious market selloff. From today’s high, that would be around $71.65.

Source: Ticker Of The Week: Alliant Techsystems (NYSE:ATK)

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