@CaptainGrumpy
FWIW, just thought you might like to know.......
HSO turned up on an 'experimental' scan tonight, one which is looking for potentially bullish downbars, that may indicate a potential reversal (of some kind) could be expected. In a nutshell, this scan (courtesy of
@Ravgnome) is looking for stocks which have a narrower spread downbar on an increase in volume (it is a little more complicated than that, but that is the basic premise).
It is only on a daily timeframe, so nothing long term, however if a reversal occurred around here, it would show another higher low within this sideways trading range/possible accumulation zone, and would make this stock worth a second glance for the longer term.
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How to best approach it is interesting.....it could be bought after a breakout (as I think orwell suggested previously), or better still after the successful test of a breakout.....or opposing that, down near the more recent lows (as that is where risk is lowest).
Both approaches have some pro's and cons though.....buying the breakout means you enter at a higher price, but at least you know the markup is likely to begin soon.......and buying at the lows gives a nicer and lower risk entry price, but this sideways range may go on for an indefinite period before price even attempts to accelerate away........so perhaps a combination of both approaches is the best option, an initial entry at or near the lows, and scale in further if/when the stock breaks out (especially on the successful test of a breakout).
cheers
(20min delay)
