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Did a search and could not come up with a general thread to post some good charts... Didn't want to put up a new thread for each ticker so I hope you don't mind Mr. M....
My goal will be to posting one (for old Spike's sake - where are ye spike?) SCUTTLEBUTT trade of the week!
To start of I want to look at RINO. This one was a high flyer in 2009 and it may very well be done, HOWEVER, I do see some updside here for the short term. This is a Chinese stock so not for the faint of heart...
I'm going to post 3 charts. Using Dr. Elder's Triple Screen system of starting with the Weekly, going down to the Daily and entries based on intra day chart.
Weekly Chart - In an uptrend but it may be on a brink here, but not before a run up. It can be potentially forming a head and shoulders but that right shoulder would take it to the $28ish range which is not too shabby.
Daily Chart - So the weekly chart is telling us there may be some upside, let's look at the daily chart to see if it's setting up. The daily has several things going for it. 1. Double bottom 2. MACD divergence 3. 200 ema support. The more technical items aligned the better. The 50 ema is still above price and declining which it will probably be it's first resistance. Initial target will be 22.50 and then 27.50.
Hourly Chart - Pretty bullish as well with the price squeezing between the 20 and the 50 ema and stochastics now embedded. I would take the entry right here and if it pulls back closed to $20 I would add.
Stops below recent lows.
*Anyone care to comment on the fundamentals?
*Spike if your're around - what's your take on the chart?
My goal will be to posting one (for old Spike's sake - where are ye spike?) SCUTTLEBUTT trade of the week!
To start of I want to look at RINO. This one was a high flyer in 2009 and it may very well be done, HOWEVER, I do see some updside here for the short term. This is a Chinese stock so not for the faint of heart...
I'm going to post 3 charts. Using Dr. Elder's Triple Screen system of starting with the Weekly, going down to the Daily and entries based on intra day chart.
Weekly Chart - In an uptrend but it may be on a brink here, but not before a run up. It can be potentially forming a head and shoulders but that right shoulder would take it to the $28ish range which is not too shabby.
Daily Chart - So the weekly chart is telling us there may be some upside, let's look at the daily chart to see if it's setting up. The daily has several things going for it. 1. Double bottom 2. MACD divergence 3. 200 ema support. The more technical items aligned the better. The 50 ema is still above price and declining which it will probably be it's first resistance. Initial target will be 22.50 and then 27.50.
Hourly Chart - Pretty bullish as well with the price squeezing between the 20 and the 50 ema and stochastics now embedded. I would take the entry right here and if it pulls back closed to $20 I would add.
Stops below recent lows.
*Anyone care to comment on the fundamentals?
*Spike if your're around - what's your take on the chart?
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