Sturm Ruger and Co (RGR)

[dmlabuda]

You were hinting for a technical opinion. If you look at any daily price chart for RGR, it's obvious that market momentum recently drove the price though what should have been firm support at the 200 day MA. However, recently there is evidence that support is there above the $34 level and in my opinion, since the market is very oversold now we should see a brief rally above the 200 day MA to establish support there. Following that, there should be a continued move up but, if a subsequent move up does not reach new high price territory then, taking profits at resistance and waiting for further developments at that point would seem the prudent thing to do. It is also possible that support will not hold at the 200 day MA in which case we could see lower prices still. For now, support seems evident at current prices and as long as the market moves up and finds support at or above the 200 day MA then, the Status is QUO for the Bulls.