These are high probability trades entering either Monday (open)
or Wednesday (open) after Hammer formed at trendline and MA support
with an initial target of $61 resistance. Stop should be a CLOSE
below yesterdays low. You would then buy if it breaks out above $61
with volume confirmation.
I think it's looking pretty good. It's had a nice bounce off of
its trendline, and it's forming an ascending triangle there by the
looks of it. One could buy here with a stop below today's low, or
when it breaks out on good volume. One challenge with this is that
there seems to be some longer-term resistance around $62.50,
but that might not be a big problem if the breakout is
good.
Can anyone else suggest a good target for a breakout?
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CAT running today.
Posted by piclez on 25th of Nov 2009 at 11:26 am
What you guys think about CAT?
These are high probability trades
Posted by phillw on 25th of Nov 2009 at 12:46 pm
These are high probability trades entering either Monday (open) or Wednesday (open) after Hammer formed at trendline and MA support with an initial target of $61 resistance. Stop should be a CLOSE below yesterdays low. You would then buy if it breaks out above $61 with volume confirmation.
I think it's looking pretty
Posted by user32 on 25th of Nov 2009 at 11:32 am
I think it's looking pretty good. It's had a nice bounce off of its trendline, and it's forming an ascending triangle there by the looks of it. One could buy here with a stop below today's low, or when it breaks out on good volume. One challenge with this is that there seems to be some longer-term resistance around $62.50, but that might not be a big problem if the breakout is good.
Can anyone else suggest a good target for a breakout?