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CaptainGrumpy

4,594 Posts.

177

23/01/16

16:54

Post #: 16856576
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Originally posted by Jagster Trading ↑

Hi Grumpy,

I see nothing bullish on SHV's chart. In-fact the opposite. Bearish divergence occurred on the s-stochastic during early January, like a lot of stocks, and the MACD dc'ed at that time deep in the oversold - usually when combined a very bearish signal - breaking below support at $7.77. Trading below both the 200d and 50d sma's. Momentum here is very strong to the downside.

The opportunity to short is probably gone for now as it finds support at about the 61.8Fib retracement, however is very likely to go lower likely engaging the 76.4Fib retracement at $4.00 before February end.

Ag stocks will have their day again, but their day is not today as global commodities get smashed with few exceptions. Dont get conned by buying into these relief rallys as they will just take out the weak hands before resuming their descent.

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Thanks Jagster, yes I agree. I mentioned to Orwell I was just looking for potential downside targets. I'm gradually building a list of stocks that I want to buy in the event we have a market meltdown. I'm looking for 10+ year holds. Certainly not looking to bottom pick at this stage. Cheers
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