Richard, I have been asked by C.L. to do a quick technical read on this company...The two professional trading indicators that have been most effective with trading this stock are the Commodity Channel Index + 100 Crossover system, and the Stochastic Oscillator.....
What are they saying presently:
1) The CCI sits at negative -53...when it hits negative 100, I may be a buyer of this stock...Now the indicator says, "Stand aside!"
2) The Stochastic Oscillator reads 57...A read of 20 or lower is a buy recommendation and 80 or higher is a sell recommendation...Thus, it is saying, "Stand aside!" BTW, this indicator was flashing sell like crazy when you were in high 4 paradise..
The stock remains in a bearish trend...Note the lower highs the past 3 days.....4.25,4.18,3.93 and the lower lows....3.87,3.81,3,75......
My MACD inidicator remains negative at 0.22 and 0.31
The upward trendline remains at 3.75...This is a key support level...
I see this price level as the horizontal line in an ascending triangle formation, and the apex of a symmetrical triangle...A lot of shares exchanged here not too long ago....If we can hold 3.75 at the close, we should repel upward and continue the upward trend.....
However, if I was a betting man, I'd say we are going to break the 3.75 support and head to 3.12, where I will be waiting as a buyer.....
That is, if my indicators tell me to take a position.....The 50 day moving average sits at 3.12 and the 100 day at 2.92....A lot of support around the 3.00 level....As for now, I continue to watch....
Best regards to all......Mark |
