AI
Friday, January 13, 2012 11:43:36 AM
From a technical perspective, QRM retraced 50% of yesterday's move and bounced from there. It's holding above the 20 ema on the hourly chart so far which is key, imo. If it should break down below the low so far today watch for support at the .618 retracement level at 2.84. If that doesn't hold, you've got the 50ma on the daily chart at 2.78.
When I have more time this weekend I'll post the daily chart which looks to me like it has an adam & eve bottom formation, which is very similar to a cup & handle. If the formation plays out to its full potential the upside target is $6.32. The formation began in late September of last year so it is rather large and can take up to several months to play out, imo.
When I have more time this weekend I'll post the daily chart which looks to me like it has an adam & eve bottom formation, which is very similar to a cup & handle. If the formation plays out to its full potential the upside target is $6.32. The formation began in late September of last year so it is rather large and can take up to several months to play out, imo.
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