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So, did I panic and sell? No, I only sell when prices test resistance, not when they are going lower. Downtrends are rivers of hope.
The MACD still looks like it could form a positive divergence although it would look less probable with each successive down day. Trading volume is lower today as price moved lower, suggesting that there is some fatigue on the part of sellers.
Indeed, a cross between a white hammer and a white spinning top was formed at the end of the session. Another reversal signal. We could see a rebound in the next session and a gap close at $1.325 could happen. If that were to happen, I would reduce exposure to this counter.
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8 comments:
I like your strategy.
Just be careful, the capital group has unloaded quite a bit of their shares in this counter mid July.
Hi financialray,
Thanks for sharing this. I can only hope for the best now. :)
You really have deep pockets. I really think you should hold and wait before buying up these few weeks. Wait till all the panic and short selling subside. Wish us luck!
Hi Kelvin,
Wait till the short selling subsides? Then, prices would have gone back up! Haha.. kidding. ;-p
I know what you mean. I am pacing myself. Not to worry. ;)
In fact, after today's mega shopping spree, I will be toning down because I bought at major supports today and if they should break, who knows how much lower prices could go?
Might nibble a bit here and there perhaps but not much more, not unless I have very good reasons to. :)
I old already, this roller coaster ride not good for my heart.
If Ben Bernanke were to reassure with QE3 tonight, then we will take the roller coaster up again soon.........only to fall harder later perhaps.
Hi financialray,
I think we are about the same age? I have stopped taking roller coasters years ago too. Weak heart. ;p
Can't know what the Americans or Europeans will do next although some form of QE is probable. We just have to stick to our plans and act accordingly. :)
Hello AK,
waiting for the price of CMA to stabilize before buying some to average out...
Hi Raelynn,
We are on the same page, in a manner of speaking. :)
I was just looking at the chart and thought I would blog about CMA tonight.
Had to reply to readers' comments first. :)
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