Today we'll analyze the Stock cfc for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 4.36$ (03/10/08) to 5.11$ (03/11/08) a 0.75$ move
2- The current bearish trend started from 5.11$ at 03/11/08 and is currently trading at 4.09$.
3- The stock current support level is at 3.90 which is the 161.80% fibonacci retracement of the last 0.75$ move.
4- The stock current resistance level is at 4.16 which is the 127.20% fibonacci retracement of the last 0.75$ move.
5- The Stock traded in a bearish channel identifed by support at 4.36 and 6.46, resistance between 5.11 and 7.08, the channel is currently supported from below by 3.90348 and resisted from above by 4.67222.
6- According to ADX, the trend is currently strong bearish, which is getting stronger.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Conclusion:
cfc is currently trading a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting no favorited direction,
recommend hold or waiting for entry , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 4.16, 4.33, 4.36, 4.48, 4.60, 4.65, 4.72, 4.74, 4.82, 4.93, 5.11, 5.11, 7.43.
Support Levels: 3.90,.
We Moved!!
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Tuesday, March 18, 2008
Countrywide Financial Corporation ( CFC) Technical analysis
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Shadi
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