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Registered User
Joined: 3/25/2005
Posts: 864
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What do some of you expert chart readers out there think OMG might do on Monday?
I have it so far from it nearest support of 45.38 right now and it is also so far from its nearest resistance of 56.15.
My guess is that it may drop some more but what do you think?
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Registered User
Joined: 2/2/2005
Posts: 13
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Just looked at the chart on OMG. Sell,sell,quick! Only going on what the chart says.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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Closest significant support of any kind is at least another 10% lower in my view. And even that would have to prove itself.
Just some thoughts; around 10/17 OMG started losing steam, 10/19's low was 55.91 with 2 days to either side each with higher lows. At this point, 55.90 would be a possible stop loss. From 10/27 thru 11/02 we saw 3 out 5 days that closed down on higher volume than the two that closed up. As well, 11/02 would have activated the stop loss of 55.90 and you would avoid the 13% drop.
A 30-day linear regression line is great for this, it's a quick way to just see how healthy price movement is. Once price gets below that line, it's especially time to start paying close attention to your stops. And, actually, using the LR30, 10/18 closed below the line, so I would have set my stop loss just below that and would've been stopped out 10/19. Then my capital is free to use for other more productive things, not to mention missing the big drop.
This is not stock "law". It's just part of a system that works well for me. There are many, many people on this discussion board that are really knowledgeable on these subjects and wonderfully generous with their knowledge. I hope it's helpful to someone.
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Registered User
Joined: 3/25/2005
Posts: 864
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As I suppected, OMG was the perfect daytrade short in the first 10 mins of trading this morning.
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Registered User
Joined: 1/12/2006
Posts: 296
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My charts indicate OMG starting another leg up. I can't get in until tomorrow and I may be a tad early?
It has good support at 42.70 area, with lots of room for upside.
Would like your opinion.
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Registered User
Joined: 10/7/2004
Posts: 264
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I don't like the fact that this is the second time into that support level. It popped the first time back in late November. Better support might be at the 39.40 level. Good luck.
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Registered User
Joined: 1/12/2006
Posts: 296
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G-man............One of the combining techniques I use involves the "3-points" (along with other criteria, such as a fib level and candles). Anyway, this hit points on 09/06, 09/27, 01/03 (and 01/05, 01/08). Yes, I do not like the 01/09 low, but I do like its long lower shadow pattern (bullish after a downtrend).
I was thinking memorableproducts might like to see his old friend.
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Registered User
Joined: 3/25/2005
Posts: 864
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Sorry Kokoda,
I look for stocks that I think might make
significant moves of $1.00 or more above
or below the nextday open and within 30
hours of that open nextday.
OMG may or may not be one of those stocks
that will give me that significant price
movement I am looking for within the next 30
trading hours. But, it is not on my radar
right now. I see first level support maybe
around the 42.78 level.
I'm not sure just how fast OMG might move
from here but I just don't think it will move
fast enough for me to consider it currently.
Have a look at these: BSTE, CEA, MFW.
Just my opinion.
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