Wednesday, September 29, 2010

Chart of the Day

A word of caution about today's Chart of the Day. It has recently been a highly volatile stock recently, so if you do decide to play it, please stick to your stops. That out of the way, let's get down to today's stock - NEP. Below is the hourly chart since it resumed trading (apart from the very first hour). I really liked the action in this one today. It went up on impressive volume and consolidated nicely around the 5.75 mark. A break of 6 and this could really run.

Here are my views on the overall market. I also like GMXR here. Its a massively shorted stock and I had posted about it often on twitter today. It was up around 13% today but a break of MA(50), and it could run much more.

Take care and good luck!

P.S.: Here are some setups worth watching today.

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