Food Innovation

[gfp927z]

RIBT starting to get more volume, so a good sign. Rising price on rising volume improves the validity of an up move, and it's good that the gains are steady and incremental, suggesting a longer move.

The big question now is the 1.00 level and the 50 MA (1.03). Being together they represent a bigger barrier, but once breached convincingly they then can become stronger support.

Beyond 1.00-1.03 is the mid-Oct to mid-Nov trading range, which centers around 1.25. So that would be the next target to watch once it's definitively through 1.00-1.03. Could first get some back/fill for a while around 1.00-1.03, or alternately it might go more quickly up to 1.25 and then pause for back/fill and to retest 1.00-1.03. Should be interesting :o)

I should have picked up some RIBT in late Dec like you did, but I've sworn off active trading, so it's just for fun. But sometimes chart setups are so compelling, it gets very tempting. But I've seen perfect setups blow up, or an external event will tank the broader market, so there's always risk..

The reason charts/TA work is that almost everyone on Wall St and his brother are using the same TA signals, so they become self fulfilling. Everyone uses the 50 MA, 200 MA, and previous trading zones as their support and resistance areas. They all use the same candlestick pattern signals (hammer, shooting star, etc), and chart formations (ascending triangle, head + shoulders, etc). Also volume signals.



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