November 23, 2009 at 18:21 PM EST
Gafisa Shaping Possible Base; RS Line Rising
Brazilian homebuilder Gafisa (GFA) is in the sixth week of a possible cup base. The base is 24% deep, which is acceptable for a cup-type pattern. Should Gafisa complete the pattern, it would be a second-stage base. It broke out of a first-stage base in July. First- and second-stage bases have a much better track record of success than third- and fourth-stage bases. While the weekly chart shows one net week of accumulation, Gafisa could use some
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