Stock Trading Predictions & Technical Analysis: C - As predicted on September 8th, C is now near my price target of $4.00, down near -9.00% today

Tuesday, September 15, 2009

C - As predicted on September 8th, C is now near my price target of $4.00, down near -9.00% today

C - SELL

As predicted on September 8th, C is now near my price target of $4.00, down near -9.00% today. I'm not going to bother and make a new analysis, as everything I've said on the 8th of September still stand.

September 8th post:

"What do you think about C? Today I sold all my shares, which would be a new entry point?"

I think selling all your shares of C today was a great call. There seems to be a diamond top formation, which is one of the hardest formations to observe. One of the criteria of the diamond formation is having C's volume remain strong which is the case. Also the 200 day moving average is flattening out which further fuel that this is indeed a diamond formation. This diamond top indicates a reversal to a downtrend. The shorter the pattern the more quickly C should move down to its price target. Right now I'm observing 3 support levels at $4.00, $3.75, and $3.25. I think it's fair to assume C could pullback around $3.75-$4.00 within 1-3 weeks. The diamond formation is very likely to be confirmed tomorrow, if we have another down gap. Also, an engulfing pattern occurred today. This pattern occurs when after a small gap down, you have a big down gap the next hitting a higher high, but closing at a lower low than the previous day. This is also an indication of a top. In conclusion, I think C will breakdown very soon, possibly tomorrow and start trending back down. In terms of a new entry point, I always like to wait on a day to day basis for the next signal. But a very likely scenario is seeing C pullback down to around $3.75-$4.00, which if it manages to bounce back from these levels and strengthen its support, would be a good entry point.

1 comment:

arkoSeptember 15, 2009 at 6:07 PM
Great work Yoel. Bang on target. Someday I hope to be just as good as you are. I am hoping for a further pullback to below 4. The next couple of days should be interesting.
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TECHNICAL INDICATORS

BUY SIGNAL: Indicates the possibility of the start of a new up trend or the continuation of the current up trend. This signal may be often given in the early stages of a potential new up trend that was preceded by a down or sideways trend. Such signals do not always succeed and may fail at time.

BUY: Indicates that the current up trend is already in motion and a BUY SIGNAL was already given earlier. A BUY does not necessarily indicate that the stock will continue higher from here, but simply that the stock is trending up. The further into the trend you decide to take a long position, the more risk you have of seeing it reverse back down sooner rather than later.

STRONG BUY SIGNAL: Indicates a stronger, more significant and reliable signal than a BUY SIGNAL which usually has less chance of failing. Such signals do not always succeed and may fail at time.

STRONG BUY: Indicates that the current up trend is already in motion and that STRONG BUY SIGNAL was already given.

SELL SIGNAL: Indicates the possibility of the start of a new down trend or the continuation of the current down trend. This signal may be often given in the early stages of a potential new down trend that was preceded by an up or sideways trend. Such signals do not always succeed and may fail at time.

SELL: Indicates that the current down trend is already in motion and a SELL SIGNAL was already given earlier. A SELL does not necessarily indicate that the stock will continue lower from here, but simply that the stock is trending down. The further into the trend you decide to sell a position, the more risk you have of seeing it reverse back up.

STRONG SELL SIGNAL: Indicates a stronger, more significant and reliable signal than a SELL SIGNAL which usually has less chance of failing. Such signals do not always succeed and may fail at time.

STRONG SELL: Indicates that the current down trend is already in motion and that STRONG SELL SIGNAL was already given.

HOLD: Indicates that traders who already hold this stock, should hold on as long as the trend persists. This signal is usually given during an up trend for which it would be considered too risky to take a long position at this point.

STRONG HOLD: Indicates that the current trend has been in motion for a while and rarely deviated away from the trend. Although the stock may continue higher, there may not be enough potential up side to trigger a BUY SIGNAL. This type of indicator usually means that the stock has very strong support levels which may have been tested but not broken.

WAIT: Usually given during a sideways trend for which we are waiting for a move that would trigger a BUY SIGNAL or SELL SIGNAL. This could also indicate uncertainty and the risk that would be taken if you were to take a long position at the current level. Taking a long position after giving a WAIT indicator is considered a gamble.