Short BIIB on a break of well defined support from earlier in the morning and yesterday. Around 10:55, I noticed that the Q's were rolling over it was time to short. BIIB fit the profile perfectly as it was testing support. All of my watchlist stocks were too strong to short so I had to scramble quickly to find a potential short. Sandwiched between BIDU and BRCM, two stocks I was watching closely for strength this morning, was BIIB.
Wednesday, May 17, 2006
Trade of the Day - BIIB
Short BIIB on a break of well defined support from earlier in the morning and yesterday. Around 10:55, I noticed that the Q's were rolling over it was time to short. BIIB fit the profile perfectly as it was testing support. All of my watchlist stocks were too strong to short so I had to scramble quickly to find a potential short. Sandwiched between BIDU and BRCM, two stocks I was watching closely for strength this morning, was BIIB.
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2 comments:
Where's support, oh mighty chart reader?
Short-term, intraday support for BIIB is marked by the blue line at $46.50. It held yesterday morning and again on today's open. After today's break it becomes intraday resistance. It's actually a range between $46.40 -$46.60 and its been in play for several days.
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