Thursday, June 05, 2008

Jos. A. Bank Clothiers, Inc

Jos. A. Bank Clothiers, Inc (JOSB) had a fun Wednesday as it followed through on an earlier 200-day MA break with heavier volume on the release of earnings. It also had some good technical support with a new reaction high in the MACD, although on-balance-volume didn't confirm with a new high of its own.

It has however seen a steady increase in bull trend strength with an ADX knocking around 32.78 and rising. Stops can be placed along rising support connecting April-June reaction lows or the 20-day MA.

The Point-n-figure chart is riding a May 28th double top breakout with a target of $43.00. Options players might like some January 09 $17.50 strike at $13.80 from the Ask which is just an $0.80 premium on the June expiration calls at the same strike. The same ask was showing for the July and October expiration at $13.10 for the $17.50 strike.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website

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