Sony Misses Earnings as Downtrend Reasserts Itself

Sony reported lower than expected sales and EPS estimates and lowered its full year profit guidance yesterday, serving as a stark reminder that Abenomincs is hardly a panacea for Japan’s struggling consumer electronics industry.

Sony only finished down 1.8% today, but our relative strength point & figure charts show the stock being turned lower by historic resistance after a nice relief rally so far in 2013. Now that it has broken its intermediate uptrend trendline, there isn’t much support to stop a larger correction.

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