Wednesday, March 05, 2014 9:12:59 AM
The first chart is a blown up view of the daily chart. We have strong support and consolidation on the 200 EMA for the last 9 trading days. We have a strong decline in volume from a previous volume explosion out of nowhere. We have a descending stochastics.
Anytime you have consolidation with a decline in volume and a descending stochastics your in a good place to be. This is a perfect setup for an explosion. I don't trade many penny stocks and this is pretty much the only setup I will trade in a penny. the second chart is just a sample explaining the indicators I use
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