Recently, I have been trading auto manufactures, steel and home building materials. We've looked at GM and LPX. They received a boost from the September hurricanes. Here's another one, Ford.
We see a rally and higher high on heavier volume yesterday. RSI is showing good strength. Looking at its Renko chart, there appears to be price resistance at 12.64.
News of higher profits coming off of the hurricanes caused a significant gap up in price. Expect that gap to fill and the price to fall to 12.09. This is going to be my buy point with a short-term target of 12.64, a 4.6% increase. My stop would be at around 11.86.
For now, I'm on the sidelines...
Here's the renko chart I used for finding s/r levels:
Happy trading!
We see a rally and higher high on heavier volume yesterday. RSI is showing good strength. Looking at its Renko chart, there appears to be price resistance at 12.64.
News of higher profits coming off of the hurricanes caused a significant gap up in price. Expect that gap to fill and the price to fall to 12.09. This is going to be my buy point with a short-term target of 12.64, a 4.6% increase. My stop would be at around 11.86.
For now, I'm on the sidelines...
Here's the renko chart I used for finding s/r levels:
Happy trading!