Tuesday, November 22, 2005

MMI - Updated




Analyzing the Intraday Chart, the Day trader, if he is bullish with current environment, would normally enter trade at after point (1) when SAR reversed green. A night trader would be better off entering the trade at point (2) after sighting good MACD and the instantaneous last minute uplift. From the chart with the RSI tumbled: to me the chart could have been wrong, hence, I would ignore it!
Basically, I’m a Swing trader; of course, I must admit there are exceptions like prior/after earning report day/new (good or bad). As such, I find the situation now still unexciting to enter trade for the following reasons:
Although, I must concur that the medium and long term would be expected to bullish, I’m still pretty skeptical of the near term. At (point 3 magnified from point 5), the volume increase was not aggressive enough for the 1.5 cents rise. Relatively only 1.02mil over the 10 periods average of 2.09(half only) To me, it is a mini uplift with feeble leg.!
I shall not stop Day trader from planning to trade tomorrow as the probability of uptrend is high based on (point 2 – upturn) in the intraday chart and point (4) in the daily chart as a white candlestick already over shadowed the previous black one!

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