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Strategies & Market Trends : Trend Setters and Range Riders -- Ignore unavailable to you. Want to Upgrade?

To: Connor26 who wrote (7416)	1/9/2002 12:54:03 AM
From: Susan G	Respond to of 26752

MRVC that's a really bearish reversal candle, a red candle bigger than the move up yesterday. Tried to move up and met a ton of selling instead. It's overbought to, a good spot to buy would be around 4.69, where it has support on 2 daily emas that are converged. But it may hit resistance at the high when it tries to move up again - you might want to wait and see if it can break today's high before getting in. To be sure it will be worth your while... It has big resistance at 6.20, the daily 200 MA. It sure looks like it's headed back down to the low fours or at least to those EMAs on the daily. On the 60 min you can see how sharp the reversal was today, and how it's back under the 20ema. 4.85 will break it back over that 20 ema again, and could get it moving. But after 3 days straight up it's tired and will probably retrace half of that 3 day move. 4 days of shorts in it though, so it could run on news.