Quiksilver Inc. (NYSE:ZQK)
Dear Mr Chip Brian,
I just would like to know to what point you think ZQK could decline ?
Indeed, after - more or less - a loss of 50% in less than one month whereas, I wonder what is going to happen to this stock action.
Thanks for your help,,
Regards from a student, RB
ZQK has had a decent rise from the March low of $1 to almost $4. It has already retraced a fair amount of that gain so absent any distressing news, technically it should find support around this $1.60 level and begin to consolidate. That is where resistance/support was back in early April and also happens to be a Fibonnaci level. We expect a trading range to develop between this $1.50 - $2.20 range. If the broader market and retail industry starts getting worse, then a retest of March lows cannot be ruled out. But based on current data, the stock should start to stabilize. We will watch closely. Feel free to sign up for our free Morning Call newsletter where we discuss trend changes for the broader market as well as discuss company news and econ data. We often highlight stocks in the retail sector. You can sign up here (it’s free): http://mysmartrend.com/signup.asp
- 852 reads