Monday, October 20, 2014

Lakeland Industries Nears Support

Lakeland Industries, Inc. (NASDAQ:LAKE) has fallen from a 52 week high of $29.55 to a low today of $13.66. All this in five trading days as Ebola fears have subsided. There have been no new cases of the deadly virus reported and Lakeland Industries had soared too close to the sun (was too overbought). A fall was obvious in the cards and has taken place. However, as it has fallen, the value has started to get attractive, especially on a technical level. The daily 20 moving average is almost at hand and this could cause a very short term bounce in the stock. The bounce could be 20-30% on a technical retrace. The 20 moving average on the daily chart is $13.18.

Gareth Soloway
InTheMoneyStocks.com