Hi Cush, I've playing around with the 'Magic Carpet', from stockcharts.com... & this is what I've found...
I thought it would be fun to go back in ten day increments on the Industrial sector of TSE. ie: 30,20,10 & finally 3 days (Three days to 10 days seems to be my focus these days). The sector that seems to be popping up is STEEL & basic industries!
stockcharts.com
Some nice gains CEI.to 14%; DFS 8%; SSI 13%; IPS 8%; etc... so I checked out the laggard & it appears to be Steelco STE/a.to, which had a nice pop over the last 2 days of 12%... go figure WUWT?
I'm working off the laptop so I don't have my favorite indicators... but a couple of positives come to mind looking at steelco's chart, it has crossed over its 50 day ema & 200 ema is not far away (maybe good for +$1.00)
It is oversold on the other indicators however,
On the weekly chart, STE/a.to may be bouncing off the bottom to start a new bull run... indicators are positive esp. if the +D1 crosses over the -D1 & the ADX head north. I would watch this one IF if crosses over $4.00 & then wait for a retracement.
stockcharts.com[w,a]wacayymy[df][pc4!c9!c18!c50!c200!h.02,.20!f][vc60][iut!Ul14!Lc20!La12,26,9!Lh14,3!Lb14]
Again with this chart notice that it is quite similar to Steelco (& quite oversold) I would place this on the watchlist for a swing trade, & buy only on a retracement because the ADX +D1 over the -D1 & very important that the ADX is about to cross over 20 indicating a very strong trend is about to start. (or is gathering up steam for a strong trend), also very bullish IMHO is the 5 day ema just crossed the 21 & 50 day ema.
stockcharts.com[w,a]dacayymy[dc][pc5!c21!c50!c200!h.02,.20!f][vc60][iut!ul14!lc20!la12,26,9!lh14,3!lb14]
Might be worth looking to see if any other steel companies are about to break out ( or maybe basic industries)
Regards,
Peter |
