Howdy holiday all...Sergio,personally I don't find P&F as useful for the lower priced stocks such as IFLO. When they get down to 5 and below, a box size of 1/4 is generally used..(Wow, just flipped the channel and Bing is singing Christmas songs<g>) If we go back and use the "O" box when it dropped to $2.25 and draw a 45 degree line up from that point and to the right, the stock would be considered to be trading above it's BSL (bullish support line) which is bullish.But if you go to the last 4.75 "X" box closed, where the sell signal was given and draw a 45 degree line down and to the right to create the BRL (bearish resistance line),you can see it is currently trading below that line which is bearish..Stock is currently in the "O" column but an intraday high of 4.5 will reverse the stock into the "X" column. Looks to be pretty much range bound between 3.75 and 4.50,a break and close of the 4.75 box would break the double top,,yet if it was me, looking to get in, I would wait until it broke the spread double at 4.75 to close the 5.00 box..So I'd be a buyer around 4 7/8 for an optimum upside entry point(some would wait until 5.00)..
stockcharts.com
resistance is strong at 4.5 and support is strong at 3.75,only enough area for Ken to trade in<vbg>...;^)DD
PS: but again, not fond of using P&F on penny's. I nolonger subscribe to the pay for P&F charts, so I don't know where the sector stands as far as bullish/bearish percent.. |
