| Followers | 1742 |
| Posts | 144066 |
| Boards Moderated | 3 |
| Alias Born | 09/11/2005 |
Wednesday, March 26, 2014 8:49:16 AM
It's $ELTP-.411-chart-Elite-Pharmaceuticals-HAMMER-BOTTOM-Time!
Follow through expected today from the HAMMER BOTTOM reversal that started yesterday...
The stock became OVERBOUGHT in early March and corrected over the past few weeks... However, yesterday, it got below the 50 day moving average and printed a nice green Hammer at long term support... Looks like a fairly easy climb back to .60 area on chart, maybe more...
Looking at a 40 day chart the .58 to .60 area appears to be the next real resistance area, and of course, a breakout over .60 would be bullish for a return to the .75 .80 level, the next level of resistance... And... of course, if that was broken then the .94 to .97 top would be the blue sky breakout point.... but.. lets shoot for .58 to .60 first...
Follow through expected today from the HAMMER BOTTOM reversal that started yesterday...
The stock became OVERBOUGHT in early March and corrected over the past few weeks... However, yesterday, it got below the 50 day moving average and printed a nice green Hammer at long term support... Looks like a fairly easy climb back to .60 area on chart, maybe more...
Looking at a 40 day chart the .58 to .60 area appears to be the next real resistance area, and of course, a breakout over .60 would be bullish for a return to the .75 .80 level, the next level of resistance... And... of course, if that was broken then the .94 to .97 top would be the blue sky breakout point.... but.. lets shoot for .58 to .60 first...
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
