Top Stocks - March 6, 2013 - Biggest Stock Gainers

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Permalink Reply by Rhee on March 6, 2013 at 12:07pm

I'm loving FREE today. I have been waiting for this move for two weeks.

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Permalink Reply by Sue Abbott on March 6, 2013 at 12:30pm

Shippers in general, or this part. stock...if only FREE...what was the catalyst or tech you were using to get in?

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Permalink Reply by Stocks To Buy on March 6, 2013 at 12:37pm

I'm assuming Rhee was waiting for FREE to rally above the 10 day moving average.

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Permalink Reply by Rhee on March 6, 2013 at 3:56pm

Sue, it was pretty much a no-brainer, technically. We had a double bottom after a positive MACD cross on the weekly chart. That affords at least one bounce. Then, as we also had a hold of an immediate-term triple bottom and broke resistance, it was bound to fly. It's a notorious high beta with volume and price action that is easy to read on the L2.

Tim, on a cross of the 10day, I target the 20day, or the 38.2% fib off the low.

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Permalink Reply by Rhee on March 7, 2013 at 9:45am

My first target, 1.75 was struck. Now let's see.

Sue, were you in off yesterday's great close?

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Permalink Reply by Rhee on March 7, 2013 at 10:09am

Monster!

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Permalink Reply by Rhee on March 7, 2013 at 10:14am

Should stall 2.07ish? Historical resistance...? Or not. Haha.

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Permalink Reply by Terry H on March 7, 2013 at 10:16am

Very nice.

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Permalink Reply by Rhee on March 7, 2013 at 10:23am

Perf! ...I just trade the technicals. Shipping schmippping. But, I hope you caught a leg Sue!

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Permalink Reply by Matt Bonder on March 7, 2013 at 10:32am

Got in on this at $1.45 this morning, sold at $1.92 to take profits, was a small position was happy to take 30%!

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Permalink Reply by Rhee on March 7, 2013 at 10:45am

Well done Matt!

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Permalink Reply by Rhee on March 7, 2013 at 10:59am

On a high beta like that, its pivot point resistance (L1 1.74 and L2 1.93) is helpful. But as we saw, historical resistance (1.80 and 2.07) is perhaps more definitive, although the two can be cross-referenced. Most important though was the exit signal of the MACD line crossing over on the 3min chart. And, intraday, the 1.73-1.80 range is now support, if it holds, or consolidation for a potential retest. And the 1.93-2.15 (HOD) range is resistance. The problem with getting back in is (a) there are other stocks to play, and (b) if you were interested in this stock, would you be looking at it long or countertrend short here, if it double tops? I mean, it just went from 0.90 to 2.15. ...It's also now at the top of a downward channel going back to January that has not been broken, even with this move. If it breaks out of that channel, that is a different story.

Conclusion: profit is profit.

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