Well anyone still read this board?????????????VLO look like a morning star....way over sold and momentum looks to be turning upand don't forget to look at the volume lolRayRohn
lol here let post a chart http://www.rayrohn.com/images/pcharts6/vlo01.pngRayRohn
Still alot of sellers and the weekly trend is still pointing south. At this moment (09-19-06 - 1340 Hrs.) it looks like bearish engulfing and the volume is increasing. Stand aside.Rich
lol the sellers ...important to wait untill the chart time period is over IMO but as of now today is a bear day...I am still look at is as a tradable bottom I guess if the price woudl take out the old intra-day low of 49.75it would probably change my mind some what...FWIW ... I will post a chart later tonight
It'll be interesting to see what happens tomorrow. Good luck to you if you do decide to put on a trade here.You're right about the chart time period. It's better to wait for confirmation before jumping in. It's amazing how people can look at the same chart and come away with different opinions. You're looking at a possible tradable bottom here and I'm looking at the weekly trend and saying no, not yet. I'm content to pass this one by for now and look for more favorable trades.Rich
man that sucks lol I had a post all ready to go and the fool lock up...I am sorry but I not going to rewrite it Here a couple of charts Weekly which IMO has some support here around 50http://www.rayrohn.com/images/pcharts6/vlo02.pngand a daily chart which has a couple of doji's and IMO today engulfing is a little on the weak side main my because it come in a down trend rather the in a up tgrending price action..http://www.rayrohn.com/images/pcharts6/vlo03.pngboth Stoch and William are in over sold area BTW is meaningless unless they start trending above the 20% line toward the 80% line lolover the last 7 or eight days I see more green volume than red but I could be just wishing lolI pick up 200 shares today as of right now I have a mental stop are 49.50 well lol looking like a rewrote it anyway RayRohn
I pick up 200 shares today as of right now I have a mental stop are 49.50 Another drop with increased volume. I guess the voters, (I'll use voters instead of buyers and sellers because in the short term the market is a voting machine) have no love for VLO. Did you stop yourself out or are you still in?This is why I like to check the weekly charts to see what the longer term sentiment is. If it's sloping down you're safer with a short position then trying to buck the trend.Although Stoch is in the oversold range, it's damn near flat-lined on the daily chart but looks to be in the beginning stages of a turn north when viewed on the weekly chart.I would be looking for signs of capitulation in the form of a long black candle followed by a doji of some form with confirmation via an opening gap up the following day. Combine this with Stoch pointing north and MACD Hist working its way back towards 0.0 and the odds are better for a more profitable trade.Anyway, if you're still in I hope this turns around for you. If you're out that's good because I think there's still more downside before spring arrives.BTW, what kind of money management rules do you follow when putting on a trade?Rich
I am still in down almost 7% This is why I like to check the weekly charts to see what the longer term sentiment is interesting term sentiment not sure I know what u mean...Weekly chart ::: http://www.rayrohn.com/images/pcharts6/vlo04.pngI put in support line which are in my opinion lol Where do u see support on the weekly chart??? BTW, what kind of money management rules do you follow when putting on a trade? well I not one of these robots that sell if as soon as it hit x%..I generally start a position with a few shares and if the plan turn sour and the chart show no alternative then sell the suck and forget it...VLO is close but nothing goes straight down and VLO has loss 20 points in this move down that close to 30%...capitulation in the form of a long black candle followed by a doji you mean a Tweezer Bottom???
interesting term sentiment not sure I know what u mean...Sentiment is a judgment, attitude or thought based upon ones feelings. In this case its VLO. At this time the markets feeling is definitely negative towards this stock. Looking at the weekly chart it appears this attitude (sentiment) surfaced towards the end of July. If I wanted to trace it back further it looks like a change was coming towards the end of April. Thats not saying there weren't some good trading opportunities between May and the end of July but the attitude towards VLO was definitely shifting towards a negative bias.At this moment I don't subscibe to a charting service so I use the free charts at StockCharts.com. If you're interested I can tell you how to to set up the charts to better illustrate what I mean.Where do u see support on the weekly chart???Small area of support around 45-46 then the next level is around 40, which acted as support around June through August of 2005.you mean a Tweezer Bottom???I am not familiar with that term. Please explain.Rich
At this moment I don't subscibe to a charting service so I use the free charts at StockCharts.com. If you're interested I can tell you how to to set up the charts to better illustrate what I mean.if you like you can annotate a chart and e-mail it to memy e-mail address is email@example.com have the same areas of support minor support 45-46 major support 40 and another around 30 I also find that MA are good suppport levels, I like simple MA mostlyVLO 100 MA currently is 46.67a Tweezer Bottom which BTW I find not real reliabilehttp://hotcandlestick.com/directory/Bullish%20Tweezer%20Bottom.htmrayrohn
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