2. I had an interview on Wednesday, flew out Tuesday just got back... So here's some thoughts on some trades:
ICE:
Again looks like after today's 3% downturn they might finally be starting to show that h&S top I've been talking about!
XOP:
As can be seen there is a very nice channel on the weekly charts that was violated on very low volume compared to the run-up. Also the MACD has had a similar channel and will probably see a continuation of this pattern.
Stop loss: 63.5
Profits: 52.5
Total down to bottom of channel: 48
Also last week for my updown portfolio I added both Pot and Mon and both are at about 5-7% gains looking to get up to about 10% gains then i'll start dumping them as that is where some resistance is.
CF:
I said that CF was due for a pullback a while back and sure enough pulled back about 20%. Now it has stopped at support at about 130 and looks prime to continue it's upleg here's the weekly chart:
The keep points to take away are that:
1. The MACD is still showing an uptrend
2. The RSI has still not gone below the horizontal line (also above 50 another line of support)
3. The uptrend is still very much in place and to break this uptrend the price would have to drop to less than 120.
4. The only negative that I see on the graph is that the acceleration of the graph upwards has slowed down (as evidenced by the ADX). The trendline has shown that the chart is not trending anymore but that a new trend is not in place yet.
Now onto the Daily Graph:
Now here is the line of support again around 131. The MACD histogram looks to have formed a bottom and looks to be trending upward. The negative volatility has started to decrease as well as the + volatility increasing. Finally from this graph we can easily see that for the trendline to be broken that it would have to break 110.00.So:
Get in at < 135
Stop loss: 129
Profits: 155
If it breaks the support on heavy volume might want to think about switching to a short and ride it back down to the trendline and then go long again.
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