[INTRA-DAY ACTION]
Today has been another great day for simple technical analysis. Here is X, the ascending wedge has really followed through and I am surprised to see it at these levels, as my initial exit target was $37.50 - X is now at even fresher 52 week lows at £35.70.
I really like the brand image of X, shame I don't really need much steel. Steels and metals are really struggling now that China hasn't been on BBC News for about a month.. were the Olympics this year or what?
The best part of this chart, for me at least, is the re-test of the ascending wedge support line as resistance right at a double top and 200EMA press. That is the ultimate short signal in my opinion.
Market has sold again today with little relative strength in the stocks I'm watching. BAC has been pretty bad most of the day, and AKS looks very interesting right at this second. It's not selling off as much as X, but it has just dropped from it's 3 week ascending triangle formation and I am ideally looking for $12 as best entry.
Here's a peek at MON which I have been getting chartable with today too. I think it was Oscar of 'Live with Oscar' fame, who coined the phrase "If you see a double top - Sell a double top!". This is especially true in MON, which consistently sells a double top with gusto.
On a side note: I'm quite getting into the CMC charting package now, it's actually alright. But don't tell them I said that.
Update 20:41:
What a sell off we've had here. Markets getting absolutely creamed. FTSE is down like 200 points from close which will definately make the papers tomorrow.
X, MON, UAUA, VLO the big losers on the small list I've been watching. AKS fell out the trend line about an hour ago and has been slammed for about $1.50 already.
There is only one way to trade today - Short.
I really like the brand image of X, shame I don't really need much steel. Steels and metals are really struggling now that China hasn't been on BBC News for about a month.. were the Olympics this year or what?
The best part of this chart, for me at least, is the re-test of the ascending wedge support line as resistance right at a double top and 200EMA press. That is the ultimate short signal in my opinion.
Market has sold again today with little relative strength in the stocks I'm watching. BAC has been pretty bad most of the day, and AKS looks very interesting right at this second. It's not selling off as much as X, but it has just dropped from it's 3 week ascending triangle formation and I am ideally looking for $12 as best entry.
Here's a peek at MON which I have been getting chartable with today too. I think it was Oscar of 'Live with Oscar' fame, who coined the phrase "If you see a double top - Sell a double top!". This is especially true in MON, which consistently sells a double top with gusto.
On a side note: I'm quite getting into the CMC charting package now, it's actually alright. But don't tell them I said that.Update 20:41:
What a sell off we've had here. Markets getting absolutely creamed. FTSE is down like 200 points from close which will definately make the papers tomorrow.
X, MON, UAUA, VLO the big losers on the small list I've been watching. AKS fell out the trend line about an hour ago and has been slammed for about $1.50 already.
There is only one way to trade today - Short.
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