Happy Friday everyone, Lets hope it is a profitable one for you. Looking at the Dow chart this morning you can see we had an up and down day yesterday or should I say down and up day,as the Dow broke below the 13 day and 21 day exponential moving averages. THE GOOD NEWS is that it closed above them as the market had somewhat of a rally at days end. The chart is showing me that we should see a rebound today and see it move toward the 10500 mark. If it breaks below the 10185 mark we could be in for a new downtrend in the market. LOOKING FOR SOME RESILIANCE HERE!!As for my active trade it did pretty well in spite of the market being down. It eeked out a .03 gain. Whenever a stock can show a gain in the midst of a broader market pull back, that is a good sign. Take a look at the stock chart here. You will see it has bounced off its support levels and the 13 day is currently crossing over the 21 day exponential moving avg.(ema) you can also see the consolidation channel, so what would be a very strong sign that the stock is gaining momentum would be to see it break out of that consolidation, somewhere above the 13.48 mark.
So that is what I will be looking for today. Please let me know how your stock trades are going. I love to talk strategy with fellow chartists. Have a great weekend and Happy Stock Charting!!!!
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