I'm new to your board guys, but CLF has just popped up on my radar. It looks like it just broke out of an inverse head and shoulders at $22. This gives a lot of technical traders an opportunity to jump on. The price targets from here are $27, $32 and $37 based on the measure rule from that pattern, but obviously $27 has be be cleared first. There was some congestion in the price area around $23.50 which caused the price to falter a little yesterday. This may be the bottoming pattern longs were looking for, finally. A stop loss should be place below the breakout to limit losses if the trade turns sour.
I've put up the "Trade Setup" with the chart on Stockineer if you guys are interested. Good luck. Hopefully there's some good trading ahead.
I checked you out... Great job illustrating the inv H/S. Too bad yahoo doesn't allow to post links :(
I also bought recently when it popped up on my reversal trend radar. Wasn't entirely convinced until until I saw it retracing to its first support (old resistance) at 19.05, after making a higher intraday high at 22. I tend to buy stocks with great technicals coupled with great fundamentals. The fundamentals aren't exactly spectacular YET, but improving. The technicals were exactly what I was looking for. We are definitely on the same wavelength there. We're also in agreement on the resistance levels. I had 21.90 as the first hurdle to clear and that went well. Now I have 26.80 (light resistance) to clear next. It's really smooth sailing after that to 36-37. I'm excited to see someone on the board that sees what I've been seeing. Welcome to the board!
Thanks Velvet. I just bought shares a few minutes ago. I was looking for an entry point today so I pulled up the 1 minute chart, threw up some trendlines and waited for it to hit support as the stochastics were oversold and turning up. It's a good way to save a few pennies on the day of the trade....looking up at the screen it's up 0.20 in just a couple of minutes, so I'm hoping it's a good shot north from here. I missed the breakout at $22 so I paid a little more than I'd like because retraces are typical. I'd look to buy a little more if it falls to those levels, but if it falls lower, than that my stop would be hit.
Thanks for the welcome to the board! I hope to see you around some more. I'm also glad you like the site. I'd love to see you there with your good insight as well.