Thursday, August 26, 2010

Ryder just looks bearish

I was just flipping through some charts, not looking for anything in particular, and saw trucking stock Ryder (R). Transports are basically net unchanged for the past two days and Ryder is consolidating just under a broken support line. It is below major averages, too.

We can make a small argument for oversold conditions but Mikey' Rules say the longer something holds at support, the more likely it will break down below it.

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