Monday, September 14, 2009

HOFT Potential Breakout

Hooker Furniture Corp (HOFT) is potentially breaking out through the $14.00 level this afternoon. $14.00 has been resistance for the stock multiple times since May, forming a ascending triangle in the chart (below). RSI and Stochastics are both rising (neither is registering oversold) and there was also a bullish MACD crossover. However, volume is light today. Support is at around $13.05 (the 50-day SMA and the lower trendline).

HOFT Trading History: No position.

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