I made a small profit on this stock a few months ago, and I've been keeping a steady eye on it. It seems to be in an uptrend, and it's currently recovering from a heavy drop in price. Based on past performance, and my (very amateur) technical analysis, I would guess this stock is headed back up near $60. My primary basis for this, is that the RSI indicates the stock is being oversold. Any thoughts?
I'm pretty amateur at TA aswell, but what I see is MACD heading down and diverging further and RSI still hasn't turned up... aka a falling knife for now. Although I agree that it could have some support right here at ~48 since there was lots of volume at this price back in August, thats not enough reason to jump in IMO. I've learned from a couple mistakes and dont try to pick bottoms anymore unless there is very very good reason to. I'd like to hear what others have to say about it though.
"I would guess this stock is headed back up near $60" Sounds about right but for aug 2007 Seems a bit conflicting waves ---> Slowing down From daily I get this oversold with downtrend i think ok buy these days Target 55 Long and run would be my trading on this stock 2-3 days Poistion
Another interesting note is that yesterday, the stock closed just below $48, but intraday trading actually was down below even $47.50. The ADX indicator shows a strengthening downward trend, but I'm thinking that the $48 price mark is a support. Again, I'm pretty amateur, so I'm just doing my best to think this through logically with what I know so far. I'd really appreciate any thoughts from an experienced trader, and any amateur's theories, too.