TEMPUR-PEDIC INTERNATIONAL INC. - TPX
Monthly chart shows short term support in place off the $7.05 low, where aggressive buyers stepped back into the stock. Price remains well below all key moving averages, especially the 8ema.
Weekly chart better shows the support off the $7.05 low and the strength of the aggressive buyers, who closed the price last week above the key LIS of $9.41.
Daily chart shows that the second downside target at the 1.618 fib level was hit, and provided support, at least in the short term. This created a bullish butterfly pattern. Friday's bulls soon found resistance off the .618 fib retracement level of the last move down from $12.71 area, where profit-taking took place. IF this is indeed a tradeable low, THEN look for a buy signal/pattern to enter long for a short term trade.
Saturday, July 19, 2008
TPX Update for 07.19.2008
Posted by TraderZ at 7/19/2008 11:16:00 AM
Labels: AIM Trimark Global Endeavour, AIM Trimark Global Small Companies, bullish butterfly, TPX
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment