My Dog Turns 13 – Another Look At PetSmart

February 26th, 2010 | Filed under: Stock Recommendations,

On my dog’s birthday last year, I took a look at PetSmart (PETM) and what my outlook of the stock was.

In short, my analysis was:

I would feel safe buying it anywhere above $18, with the target of reaching $21. If PetSmart can breach above that line, then it looks like clear sailing up to $28.

A year later the stock has breached, $18, $21, and is now hovering right below $28.

Over the past year, the stock has been on a pretty steady uptrend. Right now, it is teetering in the middle of its current wedge pattern. Obviously anything leading towards the support and below is bearish, while around the resistance and above is bullish.

Stretching the time frame out a little further, there is some pretty strong resistance around $28, so, if we can get a break above that line, the I like this stock even more, with a price target of $34.