Update on Rogers Communications

Rogers Communications
Chart courtesy of the Globe and Mail

Rogers continued to decline last week amidst lower than expected earnings, and a perception among investors of heated competition in the cellular and wireless industry.  Rogers closed the week at $36.51. Rogers started to turn upwards on Wednesday from an intraday low of $36.07, indicating some strength and upside potential. This week should provide an indication of the stock’s direction. $36.00 to $36.50 may signal a buy opportunity, with a stop-loss at $36.00 to protect against  further downside risk (the next support level being around $34.00 per share).