Friday, October 14, 2005 6:37:48 PM
RBAK had an Interesting day today!...
There was quite a battle between the bulls and the bears the second time it went to the intraday low of 8.99 and it was obvious to me on Level 2 they were trying to short it Big Time trying to get it to break below 8.99
As soon as I saw it wasn't going to happen, I bought my first 1K shares when the Stochastics fast line took off up and the DMI+ did too and the MACD went positive and the volume was good...
I added the other 1K shares when the 5SMA and the 15SMA crossed up through the 50SMA at the same time, and it broke above the resistance level of 9.16 (that was set from noon to 12:30) as the chart pattern was a nice double bottom that I calculated would run up to at least 9.33 and was pleasantly surprised to see it go higher...(The short squeeze began when it broke above 9.16)...I sold all of it at market just one minute before the bell at 9.40 for a nice 2 hour daytrade, as it appears very overbought here, and needs to get back inside the B.Bands...
Longer term...It looks like RBAK set it's first low on the daily chart yesterday with a nice 'hammer' (bullish)candlestick...Today was an UP day that stayed above yesterday's intraday low and closed higher too...Today's candlestick is another 'hammer'...The pps is near to the lower Bollinger Band, so not much downside is to be expected, and the upper Bollinger Band is just under 11.00 so that is the potential upside...The Moving Averages could look better, and this is the first time RBAK has closed below the 50SMA in four months (I have NO idea what caused Wednesday's selloff)...The RSI is turning up...The Stochastics turned up and are nowhere near overbought...The DMI- is turning down, and the DMI+ is turning up, though it will be a while before they cross....The MACD Histogram was UNCH today, but it's moving averages downticked. The Volume today was on the light side, but Friday's are like that...RBAK reports Q3 earning 10/19/05 so be careful on that date if you are IN...
There was quite a battle between the bulls and the bears the second time it went to the intraday low of 8.99 and it was obvious to me on Level 2 they were trying to short it Big Time trying to get it to break below 8.99
As soon as I saw it wasn't going to happen, I bought my first 1K shares when the Stochastics fast line took off up and the DMI+ did too and the MACD went positive and the volume was good...
I added the other 1K shares when the 5SMA and the 15SMA crossed up through the 50SMA at the same time, and it broke above the resistance level of 9.16 (that was set from noon to 12:30) as the chart pattern was a nice double bottom that I calculated would run up to at least 9.33 and was pleasantly surprised to see it go higher...(The short squeeze began when it broke above 9.16)...I sold all of it at market just one minute before the bell at 9.40 for a nice 2 hour daytrade, as it appears very overbought here, and needs to get back inside the B.Bands...
Longer term...It looks like RBAK set it's first low on the daily chart yesterday with a nice 'hammer' (bullish)candlestick...Today was an UP day that stayed above yesterday's intraday low and closed higher too...Today's candlestick is another 'hammer'...The pps is near to the lower Bollinger Band, so not much downside is to be expected, and the upper Bollinger Band is just under 11.00 so that is the potential upside...The Moving Averages could look better, and this is the first time RBAK has closed below the 50SMA in four months (I have NO idea what caused Wednesday's selloff)...The RSI is turning up...The Stochastics turned up and are nowhere near overbought...The DMI- is turning down, and the DMI+ is turning up, though it will be a while before they cross....The MACD Histogram was UNCH today, but it's moving averages downticked. The Volume today was on the light side, but Friday's are like that...RBAK reports Q3 earning 10/19/05 so be careful on that date if you are IN...
PowerPole >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
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