Wednesday, May 23, 2012 6:16:56 PM
ICPA indeed interesting
Jim1234, what I'd suggest if you're not in this play yet is to wait to see if it bounces off of that pivot point. It may also slide through it, and bounce off of the 50 MA. To me it appears to be holding at the pivot. We've all heard the term "wait for the bounce." For a stock to bounce, it has to bounce off of something. (See my previous posting with the chart of AAPT to see how this looks when it happens.) That something may be a moving average, pivot point, or Fibonacci level. Support is strongest where more than one of these supports converge, or overlap.
My short-term target would be a test of resistance at R2. If it breaks out of the rectangle defined by P and R2 on high volume, that would cast another light on things.
Jim1234, what I'd suggest if you're not in this play yet is to wait to see if it bounces off of that pivot point. It may also slide through it, and bounce off of the 50 MA. To me it appears to be holding at the pivot. We've all heard the term "wait for the bounce." For a stock to bounce, it has to bounce off of something. (See my previous posting with the chart of AAPT to see how this looks when it happens.) That something may be a moving average, pivot point, or Fibonacci level. Support is strongest where more than one of these supports converge, or overlap.
My short-term target would be a test of resistance at R2. If it breaks out of the rectangle defined by P and R2 on high volume, that would cast another light on things.
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