ShadowTrader Free Trade Idea of the Week – OMI – Short…

Owens & Minor, Inc. (OMI) – Short
Entry – 17.30-17.50
Stop – 18.20
1st Target – 14.00

The blue lines illustrate the progression of declines by OMI from last July.  Since early February OMI has managed to grind higher, but the lack conviction in the current move up is causing price action to form the latest ascending wedge pattern.   We like the top of the wedge for a short entry point as more buyers may come into the stock thinking the coast is clear.  If the downward trend of OMI continues, these buyers will be disappointed.

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