Meredith Corp. engages in television broadcasting and magazine advertising business. It operates through the Local Media and National Media business segments.
Take a look at the 1-year chart of Meredith (NYSE: MDP) below with my added notations:
Over the past 2 months, MDP has formed a key level of resistance to watch at the $17.5 (red) mark. The stock looks as if it may be on its way back up to that level again, and a solid close above $17.5 should lead to higher prices for MDP.
The Tale of the Tape: MDP has a key level of resistance at $17.5. A long trade could be entered on a breakthrough of that level. However, if you are bearish on the stock, a short trade could be made on any rallies up to $17.5.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Christian Tharp, CMT
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MDP shares were trading at $16.77 per share on Wednesday morning, up $0.56 (+3.45%). Year-to-date, MDP has declined -47.21%, versus a -2.67% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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