Added Owens & Minor to the portfolio this afternoon, shorting it at $27.55. Couple of things to note on this one, the first of which is the nice downward channel it is trading in, particularly on the daily and weekly charts. However, I am going to be cautious of any break to the upside, as it could quickly signal that the stock is beginning a new upward trend. At the moment, that is the main risk that I will be watching in regards to the stock’s performance. Should the market experience a steep sell-off, we could see a breakdown through the bottom support level, that would send the stock into the low 20’s.
Here’s the chart analysis on OMI.