Good Morning and Welcome to March, time to think SPRING!! Lets Hope the Dow springs off its 13 day and 21 exponential moving average today. Even though we have a bit of a downtrend(as I predicted last week)the Dow chart is still not in bad shape, trading on top of its averages. I believe it is ready to bounce back starting today. Read the chart it is all there. I am waiting for a new buying opportunity to present itself,most likely this week somtime, stay tuned.
As for my active trade HCBK(bought at 13.27) it is looking very good. As you can see it broke out of its little consolidated pennant(a flag like consolidation formation) see the two horizontal trend lines? this would also have presented a very good buying signal on this breakout. I am looking for this stock to reach 13.75 here in the next couple of days, again I am just reading the stock chart and I do watch the daily news on it just to make sure there are not any bomb shells that would drastically make it turn south.
REMEMBER I will let you know when I am buying and selling and more importantly what signals the stock chart is giving me to execute a trade.
Until tomorrow........Happy Stock Charting!!
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