Thursday, September 30, 2010

Chart of the Day

Today's Chart of the Day is PAL. This stock was also part of the watchlist I had posted last night and the action in it today has forced me to go with this even for Chart of the Day today. The stock today managed to break free from the multi-week trading range, and it did so on impressive volume. The next serious resistance is at 4.42 though I expect there to be some resistance at 4.25 too. I had played this stock a lot in January but the dramatic drop from 5 levels made it drop from my radar screen. MACD also looks set to make a bullish cross tomorrow.

Here are my views on the market action today and strategy for tomorrow: Not bullish anymore.

Take care and good luck!

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