GT(Goodyear Tire)is hitting new lows today. The stock has been under extremely heavy pressure since its latest earnings report(Feb. 8). Shares fell over 8% that day, its third straight post earnings flush, on very heavy trade. The stock has drifted lower since and is now retesting a very solid support zone near the multi-month 2017 lows($29.50-$28.80). GT is now back below its 40 week moving average, which it fell below in November as well, and is looking quite vulnerable to a deeper decline. A close below the 2017 low could open up the downside considerably. Until then investors should keep a close eye on the action. Stabilization near the $29.00 area would be offer a very low risk entry opportunity.
At time of publication we do not have a position in GT.