The market closed lower today at 4089.75 losing 58.28 points, lower by 1.40% from yesterday. Looks like the week is going to end flat.
Sold SMC today at 135.20 covering the small loss I incurred in PWR yesterday with the same capital.
Position in AP is flat and I am expecting it to move sideways until late late December to early January.
I am currently looking to trade AGI, DMC, MER and possibly SMC for the meantime while the market is still relatively choppy. I am just waiting for a trade setup to form.
I am also looking at/for blue chips that are extremely oversold.
Wednesday, December 15, 2010
Metropolitan Bank and Trust Com. (MBT)
MBT Daily chart
Breakdown from 2 major support levels at 68.50 and 75.50, head and shoulder neckline breakdown at 68.50 pointing at 54-58 as a possible target in short/medium term.
It is also resting now at the major trend line. A breakdown from here would suggest further decline in the short/medium term, confirming the down trend up to the H&S target.
Avoid until it finds solid support.
Breakdown from 2 major support levels at 68.50 and 75.50, head and shoulder neckline breakdown at 68.50 pointing at 54-58 as a possible target in short/medium term.
It is also resting now at the major trend line. A breakdown from here would suggest further decline in the short/medium term, confirming the down trend up to the H&S target.
Avoid until it finds solid support.