Right, it might be reestablishing support at that level. Over the last couple of months, the stock came down to 60, and bounced at that level on high volume, several times. Then, 60 was decisively broken, with the move to 52. A frequent pattern is that, after support is broken, a stock will often briefly bounce up to the old support (=new resistance) line, before heading on down. Now, we have moved right back up to that old support line. OK, one point above it. The most unconvincing thing about it is the lack of volume. If that is so, then we'll now drift down back into the 50s.
Or, maybe I've missed my only chance to buy the stock in the 50s. It will all be crystal clear in retrospect.
JS@TA=voodoo+numerology+astrology.com |
