AI
Thursday, August 06, 2009 9:07:35 PM
C at a glance.......
Very tough one right now. There was a reason I got out of BAC today and I see that the chart for C looks very similiar. Today's candle is an omanis one. It may very well be a "Hanging Man." This means it could be very close to a top.
What makes it even worse is that it has been created outside and on top of the top Bollie Band. Most of the indicators are on the hot side as well. In the short term I would be looking to take profits now and if I'm not in, there is no way I would be looking to take a position right now.
Upside resistance sits @ $4.05 but I think it may have a hard time getting there for right now. Let's look for a healthy stock to take a little dip right now for us. Look how the Fib's and the support @ $3.21 seem to line up. If I were to guess, I would say that's where we are headed but I may be wrong.
But if I am right and we see $3.21 hold up as strong support, C could very well make another very strong run that will eventually allow it enough momo to bust through the current resistance @ $4.05.
This is a very tough call right now as is much of the market. I see a little dip coming and I would rather sit in cash right now until I see something a little more clear. I hope this helps......
Very tough one right now. There was a reason I got out of BAC today and I see that the chart for C looks very similiar. Today's candle is an omanis one. It may very well be a "Hanging Man." This means it could be very close to a top.
What makes it even worse is that it has been created outside and on top of the top Bollie Band. Most of the indicators are on the hot side as well. In the short term I would be looking to take profits now and if I'm not in, there is no way I would be looking to take a position right now.
Upside resistance sits @ $4.05 but I think it may have a hard time getting there for right now. Let's look for a healthy stock to take a little dip right now for us. Look how the Fib's and the support @ $3.21 seem to line up. If I were to guess, I would say that's where we are headed but I may be wrong.
But if I am right and we see $3.21 hold up as strong support, C could very well make another very strong run that will eventually allow it enough momo to bust through the current resistance @ $4.05.
This is a very tough call right now as is much of the market. I see a little dip coming and I would rather sit in cash right now until I see something a little more clear. I hope this helps......
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