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wcc

 
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ninner



Joined: 17 Feb 2006
Posts: 167

PostPosted: Fri Feb 17, 2006 7:18 pm    Post subject: wcc Reply with quote

am i missing something in the chart...it looks pretty overbought however, im not really seeing any bearish candlesticks....any intrpretations????

cheers
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New2Trading



Joined: 12 Oct 2005
Posts: 67

PostPosted: Fri Feb 17, 2006 9:18 pm    Post subject: Reply with quote

On the monthly, and the weekly, this stock looks sweet.

On the daily, its got one of the most uglyiest hanging man ive ever seen, and a doji.

Dont buy this stock just yet bud, watch the daily chart.
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ninner



Joined: 17 Feb 2006
Posts: 167

PostPosted: Fri Feb 17, 2006 10:00 pm    Post subject: Reply with quote

lol too late i bought it a few weeks ago !!! So you think that is a wicked hanging man a few days ago????

cheers
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New2Trading



Joined: 12 Oct 2005
Posts: 67

PostPosted: Fri Feb 17, 2006 10:29 pm    Post subject: Reply with quote

Hey bud

If you brought it a few weeks ago, you must have some nice profit, which is excellent.

The daily hanging man looks nasty, the stochRSI is already turning down, could be a good place to sell and watch.

Dont take my advice, a pro will be along shortly like bookworm or chickenhawk, they will know exactly what to do here.

Thanks

Matt
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ninner



Joined: 17 Feb 2006
Posts: 167

PostPosted: Fri Feb 17, 2006 10:34 pm    Post subject: Reply with quote

thanks for your input matt....this is how we learn.....i went back to read some books and in my opinion that isnt a hanging man...the tail should be twice as long as the body....i think the candlesticks right now dont tell alot other than its abit risky to buy at the moment...however, i do have a mental stop loss to conserve capital.

cheers
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New2Trading



Joined: 12 Oct 2005
Posts: 67

PostPosted: Fri Feb 17, 2006 11:07 pm    Post subject: Reply with quote

I totally agree with you,

Its no way near a "text book" hanging man, but all candles arent perfect, i would call that a hanging man, and it did come down straight after, with a doji.

Were all learning here, specially me Laughing

Matt
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ChickenHawk



Joined: 24 Apr 2005
Posts: 247
Location: Houston, Texas

PostPosted: Sat Feb 18, 2006 4:12 pm    Post subject: Thoughts on WCC Reply with quote

ninner,

Here is how I see it.

After the big gap up, followed by seven days of profit taking, a small bullish engulfing candle appeared followed by another bullish meeting candle of nice size (note small tails on opposite ends of both candles). The small tail of the last bullish candle might make you think the sellers tried, but could not pull the price down very far, which makes the bulls look stronger. It also closed above a resistance level at 55.50.

On Feb 16th the price gapped up nicely opening at 58.21 but immediately came down closing at 56.80...this was a $1.41 bearish move and would be an alert signal. On Friday, Feb 17, it lost another .30 with a balanced Doji of indecision.

Since Nov, there has been a slow, steady uptrend. If you take a look at each month's performance separately i.e. Nov1 open and Nov 30 close, the percentage move has not been that great for Nov and Dec, improved to 8% for Jan, with Feb appearing to be the largest move due to the big gap up. However, since Feb 2 (11 trading days) the move from the open of 54.8 to 56.60 close on Friday is only 3%.

Next week if it falls to 56.25 I would be out and look elsewhere.

With the stochastics in an overbought condition, it's possible the rest of Feb and March may be relatively flat, kind of like the Flat period Feb 2 to 10th. To me, 10-14 days with a 3% return for a $56 stock in the next 2-4 weeks... there are better plays around for higher potentials. After, all the whole idea is to increase the Portfolio, not the trade Exclamation

I would replay the Thursday Stock Chat from Feb 16 as there were many strong looking charts presented with good potential

Happy Trading Very Happy



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ninner



Joined: 17 Feb 2006
Posts: 167

PostPosted: Sat Feb 18, 2006 4:56 pm    Post subject: chicken hawk Reply with quote

hey bud....i listened to it this morning....i am inclined to agree with you and will probably sell out on tuesday(after doing more analysis last night)....i esp like the chart for RIGL and profit potential.


cheers
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voodoo



Joined: 16 Jul 2005
Posts: 24

PostPosted: Sun Feb 19, 2006 3:33 pm    Post subject: Reply with quote

I agree to some extent with Chickenhawk. This stock shows good quality volume within its history and though it may very well retrace here, I would rather take a half or 2/3 of my position off the table and follow the market with a stop to cover the last 1/3 under the last clear support low. The C/D leg on the weekly/monthly chart is about the same measurement as the first A/B leg up so there could be a strong retracement here. Watching a shorter time frame say and hourly chart may help. That high volume gap should reveal some solid support too.

Voo
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