Ticker Of The Week: Alliant Techsystems (NYSE: ATK)
by Jim Stanton, Technical & Quantitative Analyst, Smart Profits Report
As you can see on the chart Alliant Techsystems (NYSE: ATK) has enjoyed an uninterrupted rally since the March lows. It blew through the 50-day moving average like it was not there and just kept on going. This is a sign of a very strong stock.
When a stock is this strong, it will usually not pull back to the normal Fibonacci ratios of 38% to 62% because there are buyers waiting just under the market (of course, that’s assuming that the stock indexes don’t fall apart).
The stock has gained over 30% since March and is overbought. Whatever the short-term high turns out to be, I’d be looking to buy it on a 23% to 38% retracement. Those numbers are currently sitting at $77.40 and then $74.20, respectively.
A 50% retracement is unlikely, but it’s possible if we see a serious market selloff. From today’s high, that would be around $71.65.
Jim Stanton
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