Good morning Stockhoppers, Its Tuesday morning and all is well with the major markets. Looking at the Dow Industrial Chart this morning it looks like we will see a bounce off the 13 day exponential moving average. No surprise here it has done this several times in the last month(take a look at the chart). It is a good time to select your favorite stock that you have been tracking. I am thinking 11,200 here real soon!
Lets take a look at GE(I am currently short this stock at 17.93)I will be reversing my position if it does indeed bounce off the 13 day exponential moving average, which it looks like it is ready to do. So I will take my loss and move on, hopefully only to recoup it in the next couple of sessions. NOTE I am not chasing this stock. The chart is setup and telling me that it has a very good chance that it will indeed bounce off the 13 day EMA, otherwise I would be looking elsewhere to move my money.
As for Ford Stock, I see that this stock has not decided as of yet which way it is going. Look at the chart. It is just kind of consolidating a bit, meaning to me that traders are really undecided on the position they want to commit to ford. The good news is that it is showing support around 13.30. and notice the 13 day exponential moving average. It is forming an under belly of support and ready to move upward. Watch for the upward cross over of the 21 day exponential moving average, this will be a very bullish signal.
Until next time.......Keep Watching those charts!!!
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