Friday, January 25, 2008

TransAlta support?

Holders of TSX-listed utility TransAlta (TSX:TA) have reason enough to be disgruntled. The stock has now dropped to the $30 level from its $34 perch, jeopardizing its bullish trend. Some institutional holders are calling for corporate streamlining and asset sales. The Stock Trends Weak Bullish alert last week certainly puts investors on call. But as the stock tests the current support level - the 40-week moving average trend line - traders might look for signals of strength. If TA holds and rebounds off the primary trend line, the stock should benefit from the broad market's turmoil.
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