Click chart to enlargeThe chart above is of STP. It has broken recent horizontal support, and looks as if it may soon test its 30dma, which this stock responds well to. Other solar charts look similar. We're not calling for a solar correction, especially with the S&P on the verge of breaking through 1400, but anyone in solar should watch STP carefully. If it breaks the 30dma, it could pull the others down. The S&P is likely to break 1400 because the Dow, the Nasdaq, and even FXI have already broken their resistance lines.
9 comments:
Hi Snot,
I agree as you say in your previous post, the time to accumulate Ag gradually is upon us. I also believe that the Ag needs some time correction. Whenever, it blasts off after a massive price correction in 2-3 days, I have noticed Ag (and most other stocks) usually have a 68% retracement soon, i.e. the trend is in a sense "weak".
Do you have any non Ag plays in mind ? on the long side. I think the DOW will hit 13000 and ag may not be the leader.
--clarke
Our firm, as of last week, went short most solars and long only one solar. AKNS.
I agree with your analysis. I'm glad to have found your Blog. I will surely spread it around the office.
Snot,
maybe could be useful if you create Question section (regarding new potential stocks, TA and so on. I have raised some questions in existing archives, but you did not respond, so having all requests like that at one place could be good.
What do you think about JRJC now? I tried two times ride it in the past, and always burnt myself.
Akey
I played SEED and VMW today. More than made up loss on SMN. But maxed out of day trades on my cash account.
--clarke
@anonymous. Why do you like AKNS?
I mean in the short term, I can easily see it at 5. In the long term too, the chart is pretty ugly:- huge HnS formation, descending 50d, a slowly flattening 200d which is above the current price.
Daytrading, is another story altogether.
I am just curious, I may be wrong in my interpretation. I would love to hear your comments.
--clarke
Snot, we have a cup and handle figure in solars.
Yes, solars and STP going UP.
Also we have a Bullish Harami Pattern formed on friday.
http://www.americanbulls.com/StockPage.asp?CompanyTicker=STP&MarketTicker=NYSE&Typ=S
Short squeeze!!!
XRT showing a possible bullish triangle breakout. Probably 6-8% profit on that trade.
--clarke
snot
what is your take on GA, seems to be breaking out on good volumn
-fleacountry
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