This Is Why You Should Watch Yesterday’s High
As we have expected, the
market is trapped in a narrow range. Shortly after 2:15 PM, the Fed
will be announcing its decision on interest rates. I hope it can create enough
excitement to kick the market out of this trading range.
Although it has been a quiet morning session, AtheroGenics (AGIX) gave us
a decent buy opportunity.
10:28:35
(From TradersWire)
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Setup Alert
AtheroGenics (AGIX)
is testing a mildly rising trendline on its daily chart. Long AGIX if it trades
above 31.37. Place a stop just below today’s low (30.68). Our initial target is
the November 5 high (32.77).
Nothing is unusual about this trade. The stock is testing its rising trendline.
If it can take out yesterday’s high (31.37), it has a chance to challenge the
November 5 high (32.77).
At 11:45, AGIX broke above yesterday’s high decisively, and we could take a
partial profit within 5 minutes.
Now, we have less than 60 minutes till the Fed announcement.
Have a nice afternoon session!
If you have questions, feel free to mail them to me.
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