Wednesday, March 19, 2008

Assoc Estates Realty Corp

Associated Estates Realty Corp (AEC) was one of only three picks on my breakout scan. The Residential REIT pays out 6.4% in yield, but the interest here were the multiple on-balance-volume breakouts, which eventually led to Tuesday's break of price resistance. There is the issue of overhead resistance at the 200-day MA ($11.95), but the intermediate trend is bullish (20-day > 50-day MAs). Technicals all sit on the bull side. The point-n-figure chart is neutral for a price pattern; although a move to $11.50 would trigger a breakout. The point-n-figure chart has no new price target, although resistance at $16 can be used as an alternative target.

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