@ICan: The SU relative strength is the average 5 day. When I see a W on the chart, the stochs have to return to oversold, but here on SU we got just a little dip below overbought.
If the stock is going up, and I want to momentum trade, I will wait until the stock is on the lower line of the upchannel, then go to a 15 minute chart, and look for a W with the right side higher, that must still be within the daily channel boundaries.
If the daily channel is wide, I will take shares off at or near the top, then add them back when it returns to the bottom. I will never never short a stock in an upchannel. Don't short strength.
@Rock,
ReplyDeleteThank you so much for taking the time to reply and all new thread just for one stock!
I bought SU.nyse on Wed for $44.98(total cost) and sold it today for $46.77(not holding over the weekend (this in my trading account - still holding in my investment account).
Suncor has been down since that all time high for two reasons:
1)Britain increased taxes on O&G producers from 20% to 32%(Suncor owns assets in the North Sea via Petro Canada).
2)There is a new enviornmental law in Alberta(the govt is under pressure - and elections in Canada).
I've read that investors overreacted to both of these and they'll have very minimum affect on the bottom line. I left a link also on Wed where a brokerage firm was saying that sell-off was not warranted.
ICan
DGDF trade.
ReplyDeleteDollar broke below 75. So obviously Oil and Gold and the rest are going opposite.
ICan
GDC.TO is another company own(less 1% of my portfolio). Bought some more today. Genesis land development co. is in Calgary. Calgary home to Cdn Oil&Gas companies - booming right now.
ReplyDeleteThursday close price = $4.38
Got a bid and accepted for $5.80(Jupiter is buying out GDC).
Friday's close = $4.99.
Do your own due diligence.
ICan
@Rock,
ReplyDeleteI did look at Su.nyse chart at Finviz.com and saw that it hadn't broken the major moving averages like 50dma. I like finviz better than stockcharts.
I do see where you'r coming from on stochs though. You had mentioned that before.
@Rock,
ReplyDeleteAppreciate your input and your valuable time in this.
ICan
Looks like they're going to pass a budget. Market should be up a couple hundred points on Monday.
ReplyDelete