Hello W. Wine: When I look at these P&F chart I only pay attention to X's and O's, I do not incorporate the so called RS in there. On DF case, it came down from 58's to 46's and it based in 46's for three, four days, now it sits in 48's, I would call this 2 box reversal and let's hope it continue ups to 50 and above.
On JNJ, it came down from 76's to 70's, based in 70's and now it's at 72's, this is a 2 point reversal too. On big stock like JNJ, usually it find support at 10th, 2nd, 5th and 7th, with JNJ, I do not see it go down to 65, if it does I would probably double down or triple down on it, with big name non-hi tech stocks, I do not believe in stop, when you say stop, you meant cut loss and run which I do not believe is the right practice. Later. |
