Wall Street Traders Column 9/6/05 - Buy AMX
September 6th, 2005 / 4:52 pm / by Harry Aloof
Buy Alert - AMERICA MOVIL (AMX-NYSE) - Technical Viewpoint: From a low of $20.57 on Jul 27, 2005 prices rallied, reaching a high of $23.33 on Aug 1, 2005. A decline saw prices pull back, reaching a low of $21.44 on Aug 30, 2005. Another rally saw prices penetrate resistance line “A”, closing 9/2/05 at $23.91. Technicals: MACD Index (MACD): A Buy Alert! was given on Sep 2, 2005 when the solid line crossed the dotted line to the upside. Support: Remains at $24.00. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on May 18, 2005. A P&F downside reversal takes place at $21.00. Summary: Technical indicators have turned bullish. BUY! AMERICA MOVIL (AMX-NYSE) @ $24.13 Stop: Use a protective stop of $22.13. AMERICA MOVIL is currently trading @ $23.91 plus $1.09 on Sep 2, 2005. Price Objective: $32.50. Risk/Reward: $2.00 VS. $8.37. Today’s Risk Reward Ratio: 4:1.
