3 Short Candidates From Sunday that Still Suck

• Posted by Greg Harmon
• on October 18th, 2011

Yes that is right even after the melt up Tuesday these three stocks are still set up to move lower. Down to spare change, turning the channel and fizzling out. Lets take a look.

Coinstar, $CSTR

Coinstar, $CSTR, printed a Shooting Star on Friday and confirmed it lower on Monday. Tuesday it did print a candle with a long tail but since the downturn just started it carries a bit less weight. The Relative Strength Index (RSI) is heading lower off of a near touch at 70 and the Moving Average Convergence Divergence (MACD) is fading. Both support more downside. If it continues under the September peak it can fade another $3 and possibly more.

CTC Media, $CTCM

CTC Media, $CTCM, also confirmed a Shooting Star lower Monday but jumped back higher Tuesday. The jump launched from the previous gap on the down move under 11. But the bounce did not reverse the negative view shown in the RSI and the MACD. Below Tuesday’s low it has room to go a lot lower.

SodaStream International, $SODA

SodaStream International, $SODA, is hanging onto support of the previous low at 32.50 by a Hammer. If that is not confirmed by a move lower then there is some nearby support at 30 and then it can get ugly. The RSI and MACD support the ugly case.

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