[INTRA-DAY ACTION]
Watching AA, DRYS, AXP and RIMM at the moment. TSO also catching my eye.
TSO has had a great run from December but is now approaching old support as resistance at $15.00. I anticipate a pull back here to around $13 soon.
The AA trade I'm waiting for is still looking good around $10.80, where it has formed a double bottom on the intra-day chart. It is currently consolidating in an S/R range between $11 and $10.80 and I am looking for a break and a retest of $11 for an entry. I would also consider scaling in at $10.80.
DRYS continued to explode today, and in the short term is just about to slip from an ascending wedge after not making new highs on the day. I am hesitant to enter because of a pennant which could be penetrated soon too on the short side. It's $16.70 at the moment with some sellers coming in by the looks of things.
TSO and RIMM looking like they are at the end of their run. RIMM especially at $48.
Charts to follow
Update 19:00
Pretty quiet day here, market is range trading and not much coming on the screen. RIMM is attempting to break the overhead on a surge of intra-day volume so I'm watching that.
Elsewhere the stock that keeps on giving (DRYS) is having a nice breakout of the pennant I mentioned earlier.
Nice pop on DRYS here with the fastline providing the bounce. Bit of buying coming in too after the pullback on declining volume.
Let's see if it makes new highs into close.
I'm also watching the $55 area on AMZN, and will enter long if we see a pullback from todays surge at that price.
20:30
Just watched the time and sales of AA and DRYS as the market dumped into the weekend. Profit taking all round by the looks of things.
TSO has had a great run from December but is now approaching old support as resistance at $15.00. I anticipate a pull back here to around $13 soon.
The AA trade I'm waiting for is still looking good around $10.80, where it has formed a double bottom on the intra-day chart. It is currently consolidating in an S/R range between $11 and $10.80 and I am looking for a break and a retest of $11 for an entry. I would also consider scaling in at $10.80.
DRYS continued to explode today, and in the short term is just about to slip from an ascending wedge after not making new highs on the day. I am hesitant to enter because of a pennant which could be penetrated soon too on the short side. It's $16.70 at the moment with some sellers coming in by the looks of things.
TSO and RIMM looking like they are at the end of their run. RIMM especially at $48.
Charts to follow
Update 19:00
Pretty quiet day here, market is range trading and not much coming on the screen. RIMM is attempting to break the overhead on a surge of intra-day volume so I'm watching that.
Elsewhere the stock that keeps on giving (DRYS) is having a nice breakout of the pennant I mentioned earlier.
Nice pop on DRYS here with the fastline providing the bounce. Bit of buying coming in too after the pullback on declining volume.
Let's see if it makes new highs into close.
I'm also watching the $55 area on AMZN, and will enter long if we see a pullback from todays surge at that price.
20:30
Just watched the time and sales of AA and DRYS as the market dumped into the weekend. Profit taking all round by the looks of things.
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