BZH continues to trade much better than the housing ETF's. The first chart shows an up-slanting 3+ week cup with handle pattern. Check out the second chart showing the four year resistance line break and a quick re-test of the 10 week MA. You could put a stop under 21 and let her rip for upside up to the 2009-2010 highs around 35.
You have to keep an eye on it though. It's possible this is just a large rising wedge starting in 2012 that is capped by the line that connects the Cup. I'm absolutely leaning long term bullish, but we have to keep an open mind.
I looked into RVLT after the positive CREE EPS. Currently the stock is trading in a 3 point wedge within a potential 3+ year head and shoulders bottom pattern. The simple protective stop is under the rising support line around 2.90. Also, going with a full position size here and now is risky because price failed to reach the wedge upper boundary in late December. If this thing plays out to it's potential, we're talking about a double digit stock.
Finally, I highly recommend looking into this post on UPL from Peter Brandt. Nat gas stocks are perky and this thing is very rip-able over 22.
I'd also like to point out that I made no position adjustments today. Outside of FEYE, everything held key support or advanced. Trade 'em well!
No comments:
Post a Comment