Posted by: fortunefaded June 1, 2009
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Another stock I might buy today: REXX.
I have been following it for some time, after Riten pointed it out in one of the posts.
I had identified the inverted H&S pattern and you can see that it played out beautifully. After the breakout of the neckline the stock rallied close to 20% and it did fall drastically but look at how the 20-day Moving average and the neckline provided support. I was going to buy it at that point but got scared because of the stock's volatility.
Anyways, now I noticed that REXX closed above the 200-Moving Average for two days (which is a very bullish sign) and looking at the momentum today, I will buy if the stock hits 7.00. There will be some resistance at 7.40 (yellow line) and if we cross that, the next level is probably 9.20-9.50 (which I haven't drawn yet).
Peace,
FF.
I have been following it for some time, after Riten pointed it out in one of the posts.
I had identified the inverted H&S pattern and you can see that it played out beautifully. After the breakout of the neckline the stock rallied close to 20% and it did fall drastically but look at how the 20-day Moving average and the neckline provided support. I was going to buy it at that point but got scared because of the stock's volatility.
Anyways, now I noticed that REXX closed above the 200-Moving Average for two days (which is a very bullish sign) and looking at the momentum today, I will buy if the stock hits 7.00. There will be some resistance at 7.40 (yellow line) and if we cross that, the next level is probably 9.20-9.50 (which I haven't drawn yet).
Peace,
FF.