Pin Bar Reversal at Support with HUGE volume SPIKEFriday saw a huge institutional volume spike on a shortened trading day. This came at great support for YOKU and we have very clear bullish momentum divergences on the stochastic and mac-d histogram indicators. Of course, the bullish pin bar that developed due to this strong support bounce is confirmation that this stock is poised to go higher from here.
I would look to get in close as possible to Friday's closing price with my stop loss just below the lows of Friday's session. No real resistance for the stock until about $24.
Spike
CBS Long - Pin bar bounce on support with VolumeFriday brought a huge bounce on very high volume at a great support level for CBS. There is also very strong bullish momentum divergence seen on the mac-d histogram and the stochastic oscillator makes it seem price is making plans to pop off hard. I would play a limit order for the closing price at 56.74 with my stop loss 5 cents below the low of Friday. Sticking with a straight 1:2 risk reward ratio would have one selling around the first resistance level.
Entry: 56.74 Limit
Stop Loss: 54.96
Profit Target: 60.30
R/R: 1:2
