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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: MJ who wrote (6244)	3/11/2005 3:07:07 AM
From: Walkingshadow	Read Replies (3) of 8752

Here's one coming off a bottom, after a long downtrend and sideways trading range just above the bottom. Note the volume surge over the last year: 139.142.147.218 Now REV has made a high-volume break out of the trading range. 139.142.147.218 As you can see, downside is limited, giving a favorable risk/reward profile. The volume particularly as REV approaches $2.00 will just not let REV trade lower. At the moment, REV is extremely overbought, with technical sell signals in place. It is now a pretty good short, just looking at the chart and candles and technicals. I think this should be watched re our posts earlier. REV can be expected to correct back to test support. If that support holds, then a long position could be a very good trade as it reverses. As we talked about, anticipating support will hold is not a good idea; one should be reasonably confident that the test is successful first, before considering a long position. Potential upside is considerable, as you can see from the long-term chart. T

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