Today we'll analyze the Stock ETFC for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 5.13$ (02/15/08) to 3.58$ (03/10/08) a 1.55$ move
2- The current bullish trend started from 3.58$ at 03/10/08 and is currently trading at 3.86$.
3- The stock current support level is at 3.58 which is the 0.00% fibonacci retracement of the last 1.55$ move.
4- The stock current resistance level is at 3.95 which is the 23.60% fibonacci retracement of the last 1.55$ move.
5- The Stock was resisted by a resistance line, identified by two points: 5.13 and 5.17, and is currently resisting at 4.986.
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:
ETFC 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: 17.16, 11.14, 3.95, 4.17, 4.36, 4.54, 4.99, 5.13, 5.55, 6.09.
Support Levels: 3.79, 3.75, 3.72, 3.69, 3.58, 3.58,.
We Moved!!
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Friday, March 14, 2008
E TRADE Financial Corporation (ETFC) Technical Analysis
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have a nice day,
Shadi
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