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  • Writer's pictureT. Livingston

VIRC Looks To Be Under Accumulation

Furniture maker Virco (VIRC) has been high on my watchlist the last few weeks. While it is rare one gets excited about a company that makes chairs and desks for schools and offices, something is clearly going on with Virco. The chart is just screaming accumulation. Those huge skyscrappers on the weekly chart are just impossible to ignore.

One of the strongest groups in the market over the past few months has been the office furniture group. For whatever the reason, Wall Street has seemingly become very interested in companies like Virco recently. From mid-November to early January, VIRC doubled in price. Since then, it has been consolidating in a very orderly fashion. It looks like it might be forming a high-tight flag pattern. I'll be monitoring VIRC closely in the coming weeks for an entry point.

Risk right. Sit tight.

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