Lexmark Bounces off Support with Good Volume
Lexmark (LXK) presents a conundrum for traders. On the bullish side, the stock bounced off support near 35 with a three day advance on pretty good volume. Relative to the market, the stock is also holding up pretty well the last three days. On the bearish side, the stock shows relative weakness since late October and a bear flag could be taking shape. The bulls get the benefit of the doubt as long as the flag rises. A move below flag support (34.1) would be short-term bearish and project a break below the November lows.
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