Monday, September 14, 2009
Oracle short position set up
I am not going to write a book this time explaining the analysis but simply point out the main points.
Weekly Chart:
ABC correction seems to be underway, with the A B waves complete. I expect the price to fall to the orange rectangle area within the gray bars' time frame (9/15- 10/19).
Daily Chart:
Very messy chart because figuring out an overall daily pattern was near impossible. The orange rectangles are important levels to watch as well as the Stoch.
Overall:
If the stochs make a bearish momentum reversal, I will short the stock. Ideally this could happen before the earnings in 2 days that would allow me to capitalize on the pullback that may occur after a poor earnings report. However, as of now, the conditions are not bearish enough to short the stock. I will keep a close eye on this and post as updates come about.
1 comments:
Good & perfect....
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