Resistance Being Encountered Near Prior Highs
Friday, September 10, 2010 CANSLIM.net
Igate Corp (IGTE -0.52 or -2.94% to $17.16) traded above average volume, churning near its 52-week high. The heavier volume and lack of meaningful price progress above its pivot point is considered a sign of distributional pressure. Its weak close near Friday's session low was a discouraging sign after constructive gains with heavy volume earlier in the week. Its color code was changed to yellow as it met the 9/08/10 mid-day report screening criteria (read here), identifying it as an ideal leader for investors' watchlists. This high-ranked Fremont, CA-based firm built an orderly new base. However, it is a riskier "late-stage" base. Another concern was noted in prior mid-day reports -"The downturn in FY '09 earnings hurts its annual earnings (A criteria) track record." (see red circle)