glgene
613 posts
msg #41098
- Ignore glgene |
2/8/2006 4:51:24 PM
Today -- for the first time in the history of Google (GOOG) -- its RSI(14)went south of 30 (around 28.7 mid-morning), but it closed at RSI(14) 31.6.
I know that some Stockfetchers use crossing above 30 as a signal to buy. But if you look at GOOG's other technical charts, GOOG still looks like a sick puppy.
I know one should use more than one technical trading signal for confirmation, and I do. Your comments on RSI(14) crossing above 30?
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maxreturn
745 posts
msg #41099
- Ignore maxreturn |
2/8/2006 5:00:58 PM
I pay more attention to price action and volume. Look at the bearish price bars on huge volume during this decline. If you want to aggressively trade short term bounces using RSI below 30, be my guest. But if you're looking to reposition long for a longer term trade I would first wait for the volume to dry up a bit and then wait for a consolidation or double bottom.
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glgene
613 posts
msg #41100
- Ignore glgene |
2/8/2006 5:09:49 PM
Actually, I'm not looking to go long GOOG. I want to know when to cover my short. Again, most technical signals show GOOG looking sickly. I'm just looking for comments (in general) about RSI(14) crossing above 30.
By the way, I agree with your comments about price and volume.
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nikoschopen
2,824 posts
msg #41103
- Ignore nikoschopen |
2/8/2006 6:02:40 PM
I'm betting my money that it will head north, at least, for tomorrow.
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EWZuber
1,373 posts
msg #41114
- Ignore EWZuber |
2/9/2006 2:57:47 AM
I would say that GOOG is about to start a new accumulation phase on the Weekly and Daily Charts. Watch for a bottoming pattern to form and the 25 & 50 HR.MA's to flatten outon theHourly Chart or extend it to the 5 minute chart. That will be when the trend is changing. I would try to cover at the bottom of a stochastic distribution phase on the Hourly Chart.
Daily Chart also attempting to start a new accumulation phase. Formed a Dragonfly Doji today (one day reversal) right off of the 25 WK.MA. Sure looks like a bounce right about here.
JMHO
http://server3.pictiger.com/img/163485/picture-hosting/goog-weekly-chart-2-08-06.php
http://server3.pictiger.com/img/163486/picture-hosting/goog-hourly-2-08-06.php
Click once on the chart to magnify to normal size.
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nikoschopen
2,824 posts
msg #41124
- Ignore nikoschopen |
2/9/2006 3:41:06 PM
So I'm wrong again. Silly me.
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EWZuber
1,373 posts
msg #41129
- Ignore EWZuber |
2/9/2006 6:02:27 PM
Notice what happened here with GOOG. It was overbought on the Hourly Chart consequently when it came up against resistance at the 25 HR.MA it bounced down. It had expended allavailable buying just to get to resistance.
This resulted in no candlestick closing above the 25 HR.MA and the downtrend is still intact.
If GOOG closes the week significantly below the 25 WK.MA now at about 371 it could trigger a drop to the 50 WK.MA at $309.
JMHO
http://server1.pictiger.com/img/85499/picture-hosting/goog-hourly-chart-2-09-06.jpg
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EWZuber
1,373 posts
msg #41144
- Ignore EWZuber |
2/10/2006 4:23:53 PM
Looks like a drop to the 50 WK.MA is very possible now. If it doesn't close above the 25 WK.MA on Monday it's just about as good as a done deal,IMO.
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