Monday, July 22, 2013

Social Media and Phones

Looking forward this week, I was eye $LNKD all last week.  Even took a hack at it but it wasn't ready to go. I got stopped out on the big drop on 7/16/13. That was fine because I I followed my plan and closed out before more possible losses. But after seeing where it went for the rest of the week, I am watching for another attempt at a break out.

I am watching a break out over the New High resistance line. It attempted this on the 18th on well above average volume. It couldn't follow through the following day but the weakness in the indexes that day held a lot of positive stocks down. The price is safely in the rising channel supporting more positive prices.


The other one I am watching is $BBRY to the short side.  After the major breakdown after earning, this stock has shown very little strength. I have been watching it all week as it has traded pennies back and forth holding 9.20.  Finally on Friday, it broke the support with strength and volume. I have an 8.45 target on the immediate timeframe. As you can see, the RSI have been below 30 since the 1st of the month. Just goes to show you that a stock oversold can stay oversold. I think that a drop to the support of 8.45/.50 would be a good point for some relief and finally take it out of oversold and recharge.

Happy trading in the coming week.

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