Technicals | Mar 31 2010
This story features HARVEY NORMAN HOLDINGS LIMITED. For more info SHARE ANALYSIS: HVN
By Rudi Filapek-Vandyck
It hasn't escaped the attention of the TechWizard that shares in Australian retailer Harvey Norman ((HVN)) have not participated in the present share market rally.
Is the market telling investors a story, he asks rhetorically?
The Wizard notes retail sales data for February released in Australia today surprised to the downside on two accounts. Not only was the headline figure below expectations, but last the previous month's result was revised lower as well.
Technically, the prospects for Harvey Norman shares are not looking good, reports the Wizard. His gutfeel tells him the shares will put technical support at $3.58 to the test, and if the level fails to hold he expects more selling pressure to kick in.
In addition, the MACD indicator is bearish and this supports his view that rallies should be sold.
The Wizard is at present not a shareholder in the company.
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For more info SHARE ANALYSIS: HVN - HARVEY NORMAN HOLDINGS LIMITED
