Trade Idea - Merrill Lynch
Monday, November 05, 2007
Shares of Merrill Lynch continues being one of the most traded stocks on Nyse, and today is no exception after PunK Ziegel analyst Richard Bove cut his price target from $61 to $51, citing that the company may take an additional $4 to $5 billion write-down of its assets when a new chief executive takes over and attempts to sweep away Merrill's problems. The daily chart of Merrill Lynch is very similar to Citigroup, both are suffering big loses, however it seems clear that the bottom probably is near and a rebound in share price can occur soon. With RSI and MACD extremely low, it difficult predicts right now the way to follow, however any close above the flat line today could mean a rebound, so keep an eye on MER and C.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.
Labels: MER
