It is Day 2 of The Masters, a tradition unlike any other.
The main golf stock is Callaway Golf, which is ironically getting clubbed this morning after a Raymond James downgrade, apparently.
Longer-term, the stock is trying to emerge from a grinding consolidation sideways. The good news is that it held its 2009 lows. But the bad news is that it did indeed find heavy sellers today, probably using the downgrade as an excuse rather than a catalyst, just below the key $7.30 level.
As you can see on the weekly chart, below, the stock is up against major trendline resistance dating back to all-time highs in 2007, as well as horizontal resistance going back to the spring 2011.
The stock probably needs until after The Masters before repairing the damage done today. But above $7.30 and Callaway can move up the leader board. A breakout above $7.30 would also bring in golf bulls calling for the sport to make a secular advance in terms of popularity and participation around the world.
___________________________________________
Don’t they know the man has an addiction? Insensitive bastards.
Then what explains the bro to the left?
the opening picture is amazing. nice post
queston, what do you think of the jaso chart? thanks
Good buy volume but still sloppy. Needs to clear $4.88.
Not the best poker/prison faces there…