Esteban,
Agreed. I never intended to use the MEEP as a long trendline. It was strictly for a short-term hop off the gap. I noticed time and again, however, that if the line were drawn out down to the signal day that it had extra uses--if only to add verification, though at times even as a timing tool.
My current fascination is with downtrend lines. The simple fact that they become support once violated, particularly on volume, is what I, contrarian by nature, have been basing many of my trades on--or at least, such lines have been cuing me in to possible trades.
Ivan
PS: The significance of the 12th, per your question, is that it was the second top after the gap, the first being the gap day itself.
PPS: The intraday BBs are as tight as they get on OXHP right now. They don't say, of course, which way it's headed. RSI is pointing down, about to push through 50, which has been crucial so far. Just point it out in case you wanna get your own little feline feet wet with this guy. Next stop should be in the 15s.
Ivan |
