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Corrections Corporation of America Message Board

  • nysfparachute nysfparachute Feb 8, 2013 2:16 PM Flag

    trader perspective

    I'm buying the stock on this selloff. Someone is manipulating it today. Why do I say that? Because if you draw a trendline on 5 minute bars today, you can see that anytime it comes up to the descending trendline, people lean heavily on it to keep it headed down. However, if you look at the intraday RSI, someone is also accumulating on the selloffs, as RSI is divergent (the new price lows are making higher lows on RSI). I tend to think that with what I think is good news, that this is a one day selloff event to fake people out, and that once the sellers and manipulators are finished, buyers will step in. I'm not an investor in this stock, but I think it should at least go to the recent highs, and if it does, the opposite effect might take place....ie. a short squeeze. Anyway, that's my read on it.

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