Updates on FORD, PLMO
Got stopped out on FORD this morning at 9. However, I think its rise in price today are primarily due to short-covering and some momentum players speculating its breaking out of 52-week high. Apart from that, I see no indications or upside potential at this point. So I will closely monitor its movement and re-enter as a short tomorrow morning.
PLMO failed to break Fri's high (24.5), instead, it broke out its recent support at 23.5 with large volume. (Low high Low low pattern) This pattern confirmed there's more time needed for it to consolidate or maybe to re-test 21.5 (intermediate low) again. As I said before, always wait for the right signal to get in. Although you may miss a buck or two in this case, it does lessen your risk and saves your time. I will let you know when the next buy opportunity arises.
Stay Tuned on more updates and Trade Well!
PLMO failed to break Fri's high (24.5), instead, it broke out its recent support at 23.5 with large volume. (Low high Low low pattern) This pattern confirmed there's more time needed for it to consolidate or maybe to re-test 21.5 (intermediate low) again. As I said before, always wait for the right signal to get in. Although you may miss a buck or two in this case, it does lessen your risk and saves your time. I will let you know when the next buy opportunity arises.
Stay Tuned on more updates and Trade Well!
posted by dreamrealizer at 11:34 AM
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