The revved up Harley-Davidson (HOG) rally may be near an end, according to technical analysis. TheStreet's Robert Moreno writes that Harley's stock has formed a classic topping pattern on the daily chart. He says the declining price action over the past two months has formed a head and shoulders pattern that projects a downside price objective that targets the $52 area.
Moreno also notes there was a jump in overall volume in the last trading session, and the money flow indicators suggest it was mainly toward the sell side.
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