If this was a rejection of The top of a range I would ve done the same, but the underlying weakness on the weekly and monthly made me go in with 1/2 of my full position at the first sign of weakness around the midpoint of the hinge. If we now get a rally that results in a LOwer high, I see it as a great place to add to the short.
BBRY. The dreaded blackberry seems to be showing strength on the weekly. It appears to have had held price in the vicinity of $5 and now is showing more staying power. The seems to be to stay alert around this $11 level which if becomes too much to break might indicate a trip back down. Despite all this we can see there has been quite a bit of basing and price appears to be on the verge of pushing up. The indexes on the other hand may or may not cooperate but it seems to be a stock to keep an eye on. Only for the conspiracy theorists and the fans of O'Neil: Gringo
Gringo, DB et al. I am following 2 stocks that show strenght; Blackberry, from Gringo´s analysis above looks like a great buy if there is a bounce of Support and a succesful test. E-ON, find the chart attached, to me shows good support at this level, and after 7 years of consistent loses it seems like the tides are shifting. However I am apprehensive about buying these since both the Dax and the NQ at are overbought levels and a correction is already underway, we don´t know how severe this will be. How do you handle this dilemma? (Being bullish a stock but bearish the Index) All the best
Some distribution before so they can dump the rest of their line . I dont know anyone who owns a BB anymore But then again price can prove me wrong.
I dont think W would recomend that specific course of action, now if weakness in in the air why not chose some of the "leaders" and short them?
Yes, perhaps that was a "light" comment. My point was that I dont see an opp for a long, the only thing I can come up with here is that the stock rose so that those who have something to distribute can do it at better prices, I can be overreading this stuff and I am definitely biased by the crappy fundamentals of the stock. Anyway, I dont think my previous comment was of much help, so please ignore it