GRA – 4/30/07: Update

GRA has moved down as we shown in the 4/22/07 blog. We were hoping it would have reached the .618 retracement by 4/30 at 25.08 but it didn’t. We closed at 26.60 today. According to Market Timers, GRA is suppose to start making a bullish seasonal move 4/30-5/2. Even though the seasonals say a bullish trend is starting, I still think there is some more bearish action in this stock. Price just crossed the Kijun Sen indicating the possible end of the bullish sentiment. Also, the 5,35 Osc is still not at zero. A good EW4 typically has the Osc going to zero so we may still have some bearish movement. Furthermore, there was a higher bearish volume today.
Therefore, I am going to stay in my trade but use the Kijun Sen as my Stop now. This value will be 27.10.
Below is the chart:gra_04-30-07.png
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About the Author Manesh Patel