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Last Update: 5.30.13
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5.16.13 Thursday
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Entered Bullish Positions @ $19.88
Forming possible inverted H&S reversal formation here and now in the process of forming the right shoulder. It is still early to say that we are forming this reversal formation but I do liked the bullish engulfing candle pattern on yesterday’s close. I decided to get in long at open and see how it behaves at this level.
If we can hold above yesterday’s low ($19.50ish) level, I think we can possibly get up from this level.
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5.21.13 Tuesday
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Superman’s Laser Beam?
Pros
- Breaking out of this inverted H&S pattern
- Trading above 10,20,50EMAs
Cons
- Still in a major and primary downtrend
- Super strength laser beam downtrend resistance
- 100SMA is hovering over the downtrend resistance = double the strength
Thoughts
It’s about hour and 20mins left in the market and so far price action is solid. We broke out of the inverted H&S reversal formation with solid volume and holding up well. Problem is the “laser beam” resistance. Bulls weren’t able to prevail from that beam resistance and we have very low chance we are going to break above. So the question is. Do we take chance for possible breakout higher or do we take the profits and run?
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5.22.13 Wednesday
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All Closed Out @ $20.79
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5.30.13 Thursday
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Couldn’t Prevail
Looking back, I am glad I was able to get out of the way before losing all of my gains.
