Buy Setup and Doji bar after 100%
Buy Setup and Doji bar after 100% Retracement.
Although the daily chart of HOV is neutral,
there are a few things making for a good
reward-risk trade. After the stock collapsed in
late June, it made a 100% retracement of the
break down, which is bullish. Two days before it
was a Buy Setup, with yesterday being a neutral
doji bar. However, if this area holds, it will
be a higher pivot low from the June low.
Additionally, the sector showed relative
strength today, and the hourly chart of HOV is a
Buy Setup on the 20MA with above average volume.
New high is not seeked; however, there is not
much resistance until the $62 area on the hourly
chart courtesy of
Tip: Buy Setups
following a 100% retracement of a prior break
down suggest a tradable bounce.
Buy over the high made in the first 30-min of
trading, with a stop under the lower of the
30-min low or previous day's low.
$1.00 to $2.25 move to the $62 area.
HOV did not meet the entry