TASR Drops Out of 8-Month Sideways Digestion Pattern
While yesterday's volume expansion could be meaningful, and could argue that TASER International, Inc. (TASR) experienced a high-volume downside capitulation in reaction to earnings, the accompanying momentum gauges remain decidedly negative, while the price action shows the weakness inflicted serious damage to the integrity of the 8-month sideways (formerly bullish) coil-digestion period.
My sense is that TASR has more work to do on the downside in the 22.50-21.50 support zone, which must contain additional price pressure, as the momentum gauges begin to bottom out. Only two closes above 23.75 will begin to neutralize the current negative set-up. Stand Aside! Last is 23.09/15.