Over the last week the market experienced a pretty significant pullback, although there was an upward push towards the end. Whether the down movement is over or not has yet to be seen. At beginning of the week I told you about my game plan for the current market situation, and I am still standing by that. Below are the 3 stocks I have been going long on.
Remember my emotional trading? Well, so far I have been rewarded for holding on. The stock seems to have found support around the 50 day simple moving average (SMA) and it looks like the relative strength index (RSI) is trying to creep above 50, which is bullish indicator.
China North East Petroleum (NEP)
No you are not looking at the same stock chart, but CLWR and China North East Petroleum do share basically the same analysis… so ditto to whats above.
Bank of America (BAC)
While the market was getting hit, Bank of America was holding pretty strong as were most financials. The stock recently broke out of a bear flat, hit its target, and now trying to breakout into some new trading level. Keep holding or watching until a new level is created. Obviously you want to sell, if it break towards the downside.
Want to analyze stocks as cool as I do? Then take a second to learn how to use technical analysis to predict stock price movement.