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Bullish Play Updates Wednesday, November 05, 2003

Gentex Corp - GNTX - close: 39.67 change: -0.19 stop: 37.49

Wednesday, GNTX announced that it had begun shipping its auto-dimming rearview mirrors for use in two of Toyota's 2004 models, the SUV dubbed the RAV4 and the Prius hybrid sedan. Although Toyota (TM) gained in U.S. trading after announcing earnings at the close of the Nikkei, GNTX did not benefit from the connection. The stock lost 0.48 percent, perhaps suffering from the hit Ford took after having its credit rating lowered to one step above junk status.

The play has not triggered, but we noted when we first listed the play that some stocks form a second right shoulder in an inverse H&S formation. That appears to have been happening, with GNTX again returning to test that trendline after forming a truncated second right shoulder. MACD tries to turn up, while other indicators oscillate in an ambiguous manner.

Annotated Chart for GNTX:


Picked on Oct 29 at  39.69
Change since picked: -0.02
Earnings Date:    10/15/03 (confirmed)
Average Daily Volume:  520 thousand


Link to Current Quote MPS



 

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