mazer_rackham

BITA closes high after 25 days

NYSE:BITA   BITAUTO HLDGS LTD
It seems selling has subsided on BITA             . Observe the MACD nice and gradulally turning positive, and the volume has subsided on the selling days, and People are slowly acquiring the stock and now it has closed at the highs in the range for the last flat base of 25 trading days - 5 weeks or horizontal moves. It is approaching the 50MA, and this is the 4th leg of the 5 wave cycle. It could very well make the 5th wave down. It very well could have put in the high for the range, and look to make a double bottom or a 5th wave down. Still it seems the tide is turning for this stock . Best of all, though is the relative strength it showed on terrible days of the US stocks . It may be that the Chinese market simply leads the downturn and will also then lead the rebound. Being further along in this cycle, BITA             may be one of the first stocks to rebound. Also, the orange circle I drew last month as BITA             hit a level of resistance from the week of 10/21/2013. This later became support 5 more times until 4/14/14. It has been my experience that these extremely weak stocks (in their own bear market) always take a while to base, and I'm confident that BITA             has to at least test it's lows one more time. However, if the Chinese index enters a strong bull reversal this would preclude that caveat, and BITA             will rise without touching down again. I expect the markets are just starting to see their real trouble so I am posting a neutral rating and waiting for the next lows to reevaluate BITA            
timwest PRO
a year ago
Looks good. Would you mind publishing without the % on the scale? It looks like a nice base. I'll take a closer look.
Reply
timwest PRO
a year ago
How would you trade this and how much risk would you take? Do you use the parabolic stop as your stop?
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out