Hi Connor, you asked me about CFLO earlier and i was just looking at the chart so here goes. I'm still holding it, it's one of those "sitting on egg trades " that Bob and I love <g> like IMAX was, we bought that in December and waited.
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I will not hold it if it breaks 2.63 unless it only breaks it momentarily in a slam. It was starting to drop end of day today, and held support - and its uptrend line from September when a block at the close brought it right back up.
It's also getting pretty oversold, has sold off on low volume and has made quite a snap back move each time it's gotten really oversold.
Not a pocket rocket trade though, although it has been at at times in the past, it's one of those you just have to tuck away until the day it hatches <g> And if never hatches, out it goes!
Re: your IDNX - it broke the 200 MA on the 60 min chart, not good, that's important support. Next support is the 50ema daily at 11.17, after that there's a little support at 10.65 and around 10. The only strong support I see is around 9.20 to 9.24 where it gapped up when it started it's parabolic move. Just like INVN, when parabolic stocks break down they really sell off hard : (
The only exception seems to be the ones with incredible earnings and low floats. Like GNSS, OVER and a few others.
So if there is no snap back bounce in the am tomorrow, you may want to bail so you don't have to ride it down to the next support level.
It is really oversold now on the daily chart, so it may snap back if the market does! |
