The following is technical analysis on YRC Worldwide Inc. (YRCW) for August 31, 2009YRC Worldwide Inc. (YRCW) Support and Resistance Levels - 8/31/09
Resistance Levels - $2.49, $2.64, $2.90, $3.00
Support Levels - $2.07, $2.00, $1.85
YRC Worldwide Inc. (YRCW) stock exploded above the $2.25 resistance Friday afternoon. For a trade, I will be buying a break above $2.50 with the expectation that YRCW stock will retest $2.90-$3.00 resistance. Pullbacks to the 10 day moving average also offer a nice area of support as well. The 10 day moving average ( currently $2.07 ) has started to turn upward and should provide a nice bounce if it is hit. This company appears as though it will avoid bankruptcy and if the stock can close over $3, it would be a big statement.
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