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Registered User
Joined: 4/7/2011
Posts: 69
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The weekly chart called my attention. The stock bounced a bit off resistance ans i poised to go to at least 36. Right now it is at 33.40. i expect a rise next week. What do you guys think?
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Registered User
Joined: 4/7/2011
Posts: 69
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Sorry, i meant "it bounced off SUPPORT", not resistance
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Registered User
Joined: 2/1/2010
Posts: 37
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If by support you mean the long lasting trendline from last Sept-Oct, it was to break at some point and it did that today on pretty descent voulme. Now that deosn't mean HFC is in a bear; it could consolidate for a while then go up, or down, or just stay in a range for a long time...who knows. The point is a long-standing trendline can and will break at some point, and caution is as always warranted. If I were trade HFC, I would wait for it to bounce back to 40 level (all time high), and short it then. That seems to
provide a lower risk entry.
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Registered User
Joined: 2/19/2008
Posts: 193
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This has saved me many times from going in long too early. I do not go long until price is above the Linear Regression line and the LR line is moving as if to push the stock up. If you want more on that topic check out Tobydads info on LR lines or crowbars. The point that that would have occurred on this chart would have been on 8/24. Not the best set up though because the tip of the LR line was not pushing price up, and there was not much volume or BOP. There was an ominous candle on 8/31 where I would have questioned getting out. Looking at this chart I would wait awhile. I'd like to see a spike in volume and price above the LR 30. Just my perspective, works for me.
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Registered User
Joined: 4/7/2011
Posts: 69
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I think it could have wokred nicely if all the bad news from the economy hadn't come into play... I got out as soon as I saw the stink coming from the news.
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