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Nearest Resistance: $1
Nearest Support: N/A
Catalyst: Technical Setup
The opposite setup is taking place in shares of Paris-based communications stock
Alcatel-Lucent(ALU - Get Report). This stock looks definitively bearish right now.
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Put simply, ALU can't seem to catch a bid. Shares broke down below previous support at $1 this week, dropping down to a 23-year low for shares that exacerbates ALU's losses in 2012 to 40%. The fact that shares just broke through support at $1 is significant - it means that any buyers who previously were willing to step in and buy what they perceived to be a bargain are now gone at that price. Until this stock catches a bid, I'd stay as far from the long-side of ALU as possible.
Shorts have a chance to see shares go lower from here. I'd recommend putting in a stop just above a buck.
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-- Written by Jonas Elmerraji in Baltimore.