Only one trade this morning. Bought OVTI on a three day consolidation breakout. 50% of position sold. I'm posting the chart with the Fibonacci retracement levels. I think this one can go to $29.50 - $30.00 based on resistance levels from here.
Update 11:44 EST - Watching NEW - It has been consolidating its gains from last week just under a resistance gap ($45.25). If the gap gets filled at $46.00, NEW could easily go to $48.00.
Here is the eSignal chart for NEW in reponse to comments.
Update 1:40 - OVTI appears to have just failed on a break of today's high so I am closing the position for now. The QQQQs are pulling back on a failure to break resistance.
4 comments:
Hey I know that stock,NEW.Looks like 45.65 would be the high to take out.What gap at 46.00 do you mean?
On my eSiganl chart I have a gap which formed between August 4 and 5th. The closing price on Aug. 4th was $46.07 and the open the next day was $45.32. I will try to post the chart here. But now that you mention it, when I cross reference this with stockcharts.com, the gap on the two charts does not match. I will have to check with a third source to see which chart is correct.
I checked Big Charts and they put the gap between $47.92 and $47.36. Prophet and stockcharts both place the gap somewhere between $44 and $43 which would mean that it's behind us already. I have no idea which of these is correct but the fact that we have been consolidating just at the edge of the gap leads me to believe that the eSignal chart is probably good.
Good luck with NEW if you trade it.
Thanks for the response.I had also noticed some discrepencies in the price charts for NEW a while back.Esignal never did resolve the issue.Good observations though.
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