Stock pick for 01/10/2012
Dear traders,
I like to write few words about market and expectations. I believe that you all seen that we don’t have much help from market action. Big indecision is out here and at this moment we don’t know and charts don’t suggest where all this could go. I found several interesting charts but because of market indecision IO didn’t post trading plan on them I will wait at least first 15 min and during that period I will follow those ideas and I will scan for some other ideas. Main focus will be to see what is stronger and what is weaker then market in hope that we could get some own way direction chart. With other words idea is to find and take chart stronger and weaker then market action and we will see what intraday direction will be. To compare individual names with market charts I need at least 15 min. I will write above every chart with few words what idea is, but I won’t take them if they will go right after open. For me it is higher risk. I won’t say that can’t go; it can be very fast and profitable but risk for false action is too high for me. I got few emails during trading hours about some ideas and to give my opinion. Thanks for that and I like to support everyone that if have some trading idea or anything else feel free to contact me and I will be glad if I can help with my answer.
Wish you all great trading day
Ivica
AVP - long
Technical view: On the monthly chart we can see that AVP reached low from 2008. Also we can see CCI divergence (easier to see on the weekly time frame) with double bottom odds. All that suggest that AVP saw very strong support and with CCI divergence support I will look for bounce and daily uptrend action. I don’t expect nothing to long, but I think that AVP could see weekly 20sma or $20 area and I will look for that run. I like to note that AVP could be very slow, but I hope that react on whippy market action that much. – Same interest from Monday
RHT - short
Technical view: One setup is under $42 and that is swing setup for daily bear flag with stop above 20sma or 200sma on daily time frame. I will also watch for intraday setup and that will depends on open action. RHT have longer swing potential and it will be on my screen for some time.
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