Joy Global (JOYG) Chart – March 26, 2009

I charted JOYG’s daily price action at noon on March 26, 2009.  The chart goes back about five months.

• JOYG is at the top of its horizontal trading channel which could be tough resistance
• JOYG is in the middle of upward trading channel, but this channel is fairly short
• The 10 day moving average broke support intraday yesterday, but JOYG recovered to close above it
• Upside potential might be limited now with $25.00 showing potential resistance
• Downside risk should find a floor close to $20.00
• Williams %R is still overbought, which means JOYG might have more legs before it falls back some