Monday, August 23, 2010


Going through the high volume movers of today, I was surprised to see a couple of longs in there too that I like heading into tomorrow. 

Long Setups

CRM - A really nice long setup. Bounced from MA(50) last week and broke through the 1 year upwards channel. Consolidated well today. Stop should be placed below the trendline or below the gap support. So, a low risk play here.

ISLN - Broke from a range today on very impressive volume. 

Short Setups

MTZ - Broke down hard earlier this month. Formed a double bottom and has managed to come up to MA(50). A poor close today considering the volume. Stop can be placed above MA(20), hence a low risk play.

NANO - Finally broke through 14.15 today but had a poor finish. I would wait for it to fall below 13.39 before shorting it. Conversely, a close above 14.15 would make it a good long setup. Go with the flow.

For analysis of the market action today and the immediate support levels, see here.

Take care and good luck!


Anonymous said...

Nice post. Keep it up.

positiontrader said...

Thanks Anon!