From The Chart Room
Pacific Sunwear's Personality Crisis
Ben Berentson,01.29.04, 2:15 PM ET
NEW YORK - Astrological stock picker Arch Crawford, editor of the
technical analysis newsletter Crawford Perspectives, thinks Pacific
Sunwear is ready to break out of its current consolidation. Crawford's
style involves studying stock charts and astrological cycles. His
recent record is admirable. According to Timers Digest, Crawford
market calls placed him among the top ten performing timers for the
two-year period ending on Dec. 31, 2003.
Anaheim, Calif.-based clothing retailer Pacific Sun (nasdaq: PSUN
- news - people ) nearly doubled in share price in 2003 and now
trades for $23 per share, but has been stuck in a trading range
summer. The company sells surf- and skate-inspired active wear
from a variety of brands, such as Quicksilver, Billabong, Puma
Pacific Sun now operates more than 850 stores across the U.S. and
some 76 outlet stores.
Says Crawford of PSUN's chart, "It's had
good momentum going, and now it's attempting to turn back up after
a consolidation." He points out that the stock is trading above
both its 50-day and 200-day moving averages. "PSUN has a long
history behind it, and it looks like it's ready to run again," Crawford
adds. "It might either move up to a head-and-shoulders top,
with the head around $28, or it might tack on another leg to its
run. That would put it in the $35 to $40 range." Either way,
investors could profit handsomely.
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