Garmin Limited (GRMN: sentiment, chart, options) found itself in the warm glare of the analyst spotlight this morning, as Goldman Sachs started coverage of the find-it firm with a "neutral" rating. The stock has fallen slightly more than 2.5% as the noon hour (EST) passes the halfway mark. It appears that GRMN is going to struggle with the round-number 20 level as time wears on. GRMN is on pace to finish November south of this region, which hasn't happened since August 2004. That said, there are plenty of trading days between now and the end of the month. Of course, GRMN's 10-day moving average is dropping through the 20 region, and is also in place to provide resistance. Watch for any run higher to meet difficulties.

If there is any good news for GRMN, it is that it could receive quite a lift from its sentiment backdrop. First, option players are bearishly aligned toward the firm, leaving a chance for an unwinding of pessimism - which could benefit the shares. GRMN's Schaeffer's put/call open interest ratio (SOIR) of 0.95 is higher than 98% of those taken during the past 52 weeks. Analysts are also bearishly aligned, with 13 of the 17 tracking the firm rating it a "hold" or worse. Upgrades from this bunch could push GRMN higher. Finally, short sellers are extremely bearish toward GRMN. Nearly 11% of the firm's float is sold short, presenting the potential for a sizeable short-covering rally on any good news. Bottom line: performance like GRMN's usually doesn't inspire a massive shift to the bullish side of the sentiment spectrum, but the potential is there.