Sunday, November 09, 2008

Technical Picture - Inside Day

If the RSI can crack 50 and hold it, we'll be out of the woods, but for now it's one day at a time. Friday's NRIB on low volume is a consolidation day. We closed strong after ripping down just ahead of President Elect, Obama's press conference. So far futures are well ahead of Friday's close. I'm still optimistic.



MYGN doesn't know that we're in a bear market. It broke out of its base on high volume and is forming a bullish flag pattern on declining volume. As long as it can hold the base on a closing basis, it remains bullish. Based on the weekly timeframe, I see a prelim. target at $80.00.

Stewie has highlighted a number of bullish inverted H&S patterns.

6 comments:

Rudy said...

I enjoy your blog very much. However, can you elaborate on the money management method you employ when managing a trade? For example: (1) % capital risk per trade, (2) Setting of initial stop, (3) Moving stop to b/e, (3) Banking some profits, (4) Letting profits run.

Thanks, Ralph

Stewie said...

hi j: check out EBS. nice strong stock given this mrkt. good luck.

Jamie said...

Thanks Stewie. Nice momentum gap this morning.

Jamie said...

Thanks Rudy,

Are you referring to swing trades?

Rudy said...

Jamie, I was thinking day trades. But why not fill me in on swing trades as well?

Rudy said...

Jamie, I was thinking day trades. But why not fill me in on swing trades as well?