mid and long term investing using technical Charts

[steelman_43]

I will post charts on stock i like based on technical analysis. This is my opinion only, due diligence on ur own part and talk to ur own investor before making any trades

[steelman_43]

tsn (Tyson Food)just formed a flag pattern which should break to the up side soon. A break of 18.50 would see the next resistance at 22 then next 24. Only a decline below $16.75 would cancel the upside potential

[steelman_43]

the s&p has been forming a bearish wedge. The macd just rolled over today and looks like 1407 to be the Resistance we break that i see next resistance at 1380

[Ares]

Steelman,

I'm glad you decided to start a journal here at 3SOF.

Looking forward to your posts.

Ares

[steelman_43]

the s&p completed its bearish wedge and broke through today to the Resistance area 0f 1380 to 1384. The macd continue to rolled over and head down. We have had a 3 day fall of 50 points. I think we may have 2 or 3 days of side ways or even a  climb back up to1427 which is its 200day avg now,  before a continuation down to maybe 1370 then 1330 area

[steelman_43]

watch bac (Bank of America Corp) it has just broke a right anlge triangle to the down side and breaking last Marchs lows 27 looks like its next resistance

[Ares]

Nice one on BAC Steel!

Nice one on UYG too. It went near your projection of 26.38.

I give you 2 applauds for that.

Bilg volume after a doji on BAC?

Capitulation or continuation?

BAC is also at it's 3rd steeper descending trendline with RSI2 and SLow Stochastics oversold.

Looking forward to your response.

[steelman_43]

Thanks for the vote of confidence but I will try again here we go lol.

I will start with bac. I came and tested my resistance line of 30.40 which last time was made in Oct 28th 03. When we have a big vol and down day I always like to wait and see if this is a true sell off or a one day reversal. So what i will look for on Mon is will the vol continue and will we break the resistance area. I am like u I thinking this may be a 1 day reversal but have to see what Mon brings. If we don't get the vol then I will be suspicious.If we don't break this level watch it move up 40  then to 44. If we do break this area on the down side with vol look that 27- 20.60 be the next resistance area but we need the vol to stay high.

Now uyg we had a big move down with real high vol and  tested its Mar 10th lows of 26.38. I am thinking like u this may be a 1 day reversal. Look at it bouncing to 1st resistance of 30.34 then 34.30. If we break the 26.38  23.93 will be the next resistance area on the down side