Today we'll analyze the Stock ADC for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 29.14$ (04/02/08) to 25.93$ (04/15/08) a 3.21$ move
2- The current bullish trend started from 25.93$ at 04/15/08 and is currently trading at 27.40$.
3- The stock current support level is at 27.16 which is the 38.20% fibonacci retracement of the last 3.21$ move.
4- The stock current resistance level is at 27.53 which is the 50.00% fibonacci retracement of the last 3.21$ move.
5- According to ADX, the trend is currently 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.
Short term chart patterns :
6- The Stock was resisted by a resistance line, identified by two points: 29.14 and 29.8, and is currently resisting at 28.1971.
Mid term chart patterns :
7- The Stock formed a 3.52$ height triangle which was broken down at 27.43 in higher than usual volume, target of the pattern is 23.91.
Long term chart patterns :
8- The Stock was resisted by a resistance line, identified by two points: 29.8 and 30.49, and is currently resisting at 29.3488.
Conclusion:
ADC was trading in a bearish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , 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: 27.53, 27.91, 28.20, 28.33, 29.14, 29.35, 30.01, 31.00, 31.02, 31.12, 32.62.
Support Levels: 27.16, 27.05, 26.84, 26.69, 26.66, 26.49, 25.93,.
We Moved!!
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Friday, April 18, 2008
Agree Realty Corporation (ADC) Technical Analysis
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Shadi
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Posted by Shadi at 1:00 AM
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