Quick TA on SBAS....You have a rectangle pattern from 1.50-2.00....We are now looking for reversal at the lower end of the range...Could possibly have a shakeout to the 1.45 level before reversal...But I think that the reversal will come at the lower range of the envelope channel which sits at 1.54...Upper channel at 1.70....21 day sits at 1.60 and 50 day at 1.55...Gann retracement is calling for support at 1.60 to hold, but I wouldn't put it past the pros to check your blood pressure in the 1.50 area...My momentum indicator has a bullish divergence with price, so I will say that the reversal will take place within the next 2 trading days....Let's see if I nail this one, or beg
Lizard to throw me some crumbs from the DSIC table....
Regards, Mark
P.S.S. One thing you have to learn about position trading Ken is to buy only on reversals or breakouts, or a percentage above yesterday's high on a 180....The mistake I make and that those who bought SBAS made is when you buy SBAS at 2.00 anticipating the breakout, make sure you put your sell stop in at 1.90, in case the stock invades the pattern again...I need to plug these words of wisdom into my own trades, so I don't have any more CYCH,DSPG's, or PGTV's....But that is what trading is about, learning and improving, becoming the best you can be...
P.S. Lizard, I made a nice comment about you on the WCII thread....Not that your ego needs a boost.... |
