[DOWN LIKE A CLOWN]
More TA, this time featuring the predicted misfortunes of Morgan Crucible (MGCR) and Aberdeen Asset Management (ADN).
First up MGCR:
First I'll say that this is in an upward trend, so the predicted downturn won't last much longer (I guesstimate around 4 weeks). This will creep down until it hits the lower trend line and then bounce back up. By my amateur and unbackupable calculations, the buy range will be 202-210 around May 5th. Buy then and wait for continuation of the upward trend, to around a price of 255-265.
ADN:
No denying the downward trend on this one, but there are some interesting chart formations on this one. First up is a double bottom quickly followed by a double top which has failed the downward resistance and receeded nicely. This will go down, it's just a case of waiting for the right signals, as there is some forming support at 117, which will be above the support of the downward trend. Also, the RSI indicates a sale, which is much quicker than MACD and the moving average cut through from a few days ago. This will be interesting to watch.
I did these charts last night, this morning the stocks have done the following:
MGCR: -3.36%
ADN: -2.08%
As an interesting side note, VPC is down 3.32% this morning, indicating that it failed confirmation of the resistance break set at circa 658 and has settled currently at 640 pending further movement. I do still have a good opinion of this stock despite the retracement today and will wait for another signal before I buy into it.
Also a postscript from last weeks TA on SHI, CHTR, INVP, BLT (I've covered VPC). I predicted downward movement from SHI and CHTR, up on INVP and BLT:
SHI was 875, now 850 so good
CHTR was 857, now 850 but on the up, so ok
INVP was 380, now 380, also up and down, so not good, it hit 390 and went down at resistance
BLT was 1550, now 1650, so pretty good
I have also learned to be more patient when looking at a potential stock, hindsight is 20:20, but I will buy off 3 or 4 signals instead of just thinking, "hey, that's a good price". I'm also looking for simple chart and trend patterns that catch my eye straight away.
First up MGCR:
First I'll say that this is in an upward trend, so the predicted downturn won't last much longer (I guesstimate around 4 weeks). This will creep down until it hits the lower trend line and then bounce back up. By my amateur and unbackupable calculations, the buy range will be 202-210 around May 5th. Buy then and wait for continuation of the upward trend, to around a price of 255-265.ADN:
No denying the downward trend on this one, but there are some interesting chart formations on this one. First up is a double bottom quickly followed by a double top which has failed the downward resistance and receeded nicely. This will go down, it's just a case of waiting for the right signals, as there is some forming support at 117, which will be above the support of the downward trend. Also, the RSI indicates a sale, which is much quicker than MACD and the moving average cut through from a few days ago. This will be interesting to watch.
I did these charts last night, this morning the stocks have done the following:
MGCR: -3.36%
ADN: -2.08%
As an interesting side note, VPC is down 3.32% this morning, indicating that it failed confirmation of the resistance break set at circa 658 and has settled currently at 640 pending further movement. I do still have a good opinion of this stock despite the retracement today and will wait for another signal before I buy into it.
Also a postscript from last weeks TA on SHI, CHTR, INVP, BLT (I've covered VPC). I predicted downward movement from SHI and CHTR, up on INVP and BLT:
SHI was 875, now 850 so good
CHTR was 857, now 850 but on the up, so ok
INVP was 380, now 380, also up and down, so not good, it hit 390 and went down at resistance
BLT was 1550, now 1650, so pretty good
I have also learned to be more patient when looking at a potential stock, hindsight is 20:20, but I will buy off 3 or 4 signals instead of just thinking, "hey, that's a good price". I'm also looking for simple chart and trend patterns that catch my eye straight away.
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