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| Gator's Chart of the Day: GBX |
Carl Icahn liked it but the board of directors didn't like him (or his offer) and Icahn unloaded his stock on Friday. The stock was flat after making a low (16.09) in the 5 minute candle that completed at 10:25. The tallest 3 bars on the5 minute chart were printed at 10:15, 10:25 and 10:30. The stock traded sideways for the rest of the day. With a forward P/E under 7 and good demand for railcars I think this is an opportunity. Considering the short interest (12%+ with 5 days to cover) I'll be watching this closely.
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| 5 Minute Chart |
This is definitely a candidate for a 59 minute trade. I will be watching for a green candle on the 3 or 5 minute chart and that will mark the entry and a stop goes just underneath the low of the day. I'll add quickly on continued strength on good volume.
Warning: This trade may fall apart very quickly and there is no nearby support to slow the stock's price decline.
