When Three’s Not A Crowd….
Fibonacci retracements combined with major moving averages and patterns often
are key zones for reversals.
12:53:24
Polycom (PLCM)
is bouncing off the 50-day moving average and a 38.2% retracement. PLCM is
up 1.51 to 35.06 and holds a
3-month relative strength ranking of 94 from TradingMarkets.com.
Polycom
(
PLCM |
Quote |
Chart |
News |
PowerRating) is a high relative strength stock
that has rebounded off the convergence of the 50-day MA, a 38.2% RT and a
bullish tail after selling off and reversing Friday to close well. When you spot
action like this, you can enter as a daytrade when follow through shows up, or
as a swing trader and try to catch a two- to four-day reaction. Always remember
to use stops and trail it higher if it moves in your favor.
Until tomorrow,