Keep These Numbers In Mind If You Trade RYL

  • March 31, 2004
  • Derrick Hobbs

Last
week we identified this stock as a long candidate after completing a
two-step pattern into a Fibonacci support zone, and at the bottom of an
uptrending regression channel. There were plenty of reasons for it to bounce,
and today we got the initial move up. The zone from 90-92.50 represents critical
Fibonacci price resistance. I would be looking to take partial profits against
this zone, and trailing up stops. Note that if we clear 92.60ish, the next stop
is 96. Keep these numbers in mind as you trade this homie.

 


 

Have a good one!

 

Derrik Hobbs