Wednesday, January 6, 2010

FMCN LONG Setup

Looks ready to breakout of this pattern soon.

2 comments:

.: moogle fishy :. said...

Hi,

Saw your post on XTRENDS. Where would you place a stop for this?

Couldn't this turn into a double top?

Stewie said...

HI moogle,

if the markets tanks from here, FMCN could turn into a short term double top. Based on today's action I FMCN needs a few more days to set up more properly. maybe one pullback within the pattern and i think in due time FMCN see new highs. a short term stop would be about 17 or a little lower. if you are playing the longer term pattern than a looser stop at around 15 makes sense. Overall, i will say, that now give this pattern a few more days to set up better. overall i will exercise more caution as the market seems a little hesitant here and could see a nice healthy pullback.

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