GREY:RHWKF - Post by User
Post by
TAPickson Mar 28, 2011 8:24am
309 Views
Post# 18348649
Consolidating
ConsolidatingRedhawk has recently touched its 200 SMA which was also a support level and is now at a minor resistance level with Friday's close at
.70. Indicators are showing oversold and have begun to turn upwards. Looking at the chart it is clearly posting a down trend with the last three upward thrust and failure to post higher highs each time. What I am hoping to see on its next move up is a break of the down trend line. Entry at this level with a stop loss just below support of
.65. First target would be the top of the trend line which should be about
.78 by the time it gets there for gains of 11.4%. Next target should it break the top trend line would be
.93 for gains of 32.8%. If you look at the yearly chart, this is clearly a consolidation period before its next move up.
See chart and other weekly picks here;
https://us1.campaign-archive2.com/?u=4d6d491aea8e01d93d8a1f390&id=92901ca87c#RDK
Cheers!