Simple TA on SGI... Looking for "higher lows"
dd, I'm very bullish with SGI's TA right here. Nice movement UP today. Yes, stock could retrace a bit as Jim Dabasir... I mean Davison <g> suggests, but I don't see it staying low too long. What my camp is looking for now are "higher lows" -when each new low is somewhat higher than previous one-. If this happens -and it's starting already- it's very bullish for the stock. Other TA factors I like...
Relative strength (vs. S&P 500) has improved to 17 rating (from 4) and is moving north -sharply-. 50 day moving average -DMA- is almost flat now at roughly 13 compared to steady decline 4 weeks ago. Volume also remains strong after humungous trading day last Friday. Good for support on retracements.
So what's driving this excellent TA with SGI all of a sudden??? Fundamentals -namely- managment in the form of their new CEO, Mr. Belluzzo. Market is really betting on this to be catalyst of more positive changes. Guess I'm included in that heap somewhere :^)
jmho
Mathon
DISCLAIMER: Pure technical analysis -TA- is at best WEIRD SCIENCE!
Without a grasp of a company's fumdamentals, TA amounts to nothing more than GAMBLING. No, gambling is more fun than TA! At least casino's treat you better than brokers do. Go lose $10K in Vegas (nice desert, no camels) and see how good they treat you. Free room, food, drinks, shows, harem, cigars, bed mints, etc. OK? Now go lose $10K at your favorite broker's place. Nothing. That's what you get dd. Nothing! Not even a "thank you Mr. dd, please come back with all your friends!" Nothing!! |
