This Is Why You Should Look At The Daily Charts
Not just daytraders, but
many long-term investors study the daily charts. The daily charts immensely
influence intraday trading. I mentioned PalmOne (PLMO) in yesterday’s Nightly
Daytraders Report. The stock was forming a bull flag and looked ready to
challenge the July 21 high. Let’s see how PLMO traded today. After successfully
testing the 20-period EMA on the 5-minute chart, the stock exploded and made a
quick 3-point gain.
Now, from today’s Insights:
12:29:19
Daily Setup Alert
Maxim Integrated Products (MXIM) is nearing the descending trendline
after taking out both the 200- and 20-Day EMA. Notice the issue is also forming
a 1-2-3 bottom. MXIM is up 1.40 at 48.13.
MXIM has not taken out the trendline at this moment yet, but many investors will
be studying the chart tonight. Needless to say, they will notice the 1-2-3
bottom and the improving RSI. Let’s see how the issue will behave tomorrow.