The market opened 20 points lower today before gaining 27 points at the end of the session.
AGI gained another 3% today, half-way through my break-even point! Momentum and rate of change is still diverging from each other suggesting consolidation in the short term. Weekly chart is manifesting relative weakness suggesting selling on rallies although it might change if the stock finishes up strongly this week. Pull backs to 10 levels should provide nice buying windows.
RFM, PX, MEG, and ALI also rebounded strongly today.
ALI found solid support on 50-MA. Today could have been the best buying window for this stock, with immediate resistance at 18.42 levels. Very nice candidate for range trading. I am not expecting it to break its previous high at 18.70 in the short term as the MACD reading is still pointing down.
MEG bounced off strongly from its support at 2.20 levels, gaining 4% today. Momentum and rate of change have began to point up suggesting advances in the short term, with immediate resistance at 2.43. Breaking of the immediate resistance would suggest that the uptrend would resume. I highly doubt it though as MACD reading is still pointing down so I am more inclined to range trade at best.
Another property stock that caught my attention today while scanning charts is FLI. It formed a very bullish candlestick pattern today - Piercing pattern. Chances of this stock advancing tomorrow is very high with immediate resistance at 1.45. MACD is still pointing down so it would be range trading at best in the short term.
I am seeing a symmetrical triangle formation in PX. Today would have been the best time to buy it too and/or as close to 14 as possible with a very tight stop loss below 14. Bands are relatively flat so the possibility of range-trading is also there with immediate resistance at 16.
RFM is struggling at its current support - 1.79 - as both 10 and 50 SMAs are pointing out. RFM is behaving exactly as I've been expecting! Too bad most my funds are still frozen! Chances of breaking the resistance at 2 now is relatively high as MACD just crossed over the zero line. /sadface
It looks like I can ride AP once it resumes its advance next week though!
Rebound at 32 levels for DMC should warrant a buy signal.
Can't wait for my COL account to be activated hehe.
