CNIT HOURLY

We had a daily close above the 5ema today, which is bullish short term. Also about to cross up through 9 ema  and 13ema

adx is very high and has been trending up for the last month and a half. it is looking like its topping out, which is good for the bulls. -di line is at 36 right now which is bearish, but if this base at 2.50's can hold we will see it fall as +di line comes to meet it in anticipation of a crossover. I don't have a position here, but thanks for the submission. I will keep updated on this one. i would like to see it develop some strength before starting a position.  If you already have a position i would hold here. Good luck. check back soon. Remember to bookmark my blog.

Citigroup Daily Chart

Someone submitted a request to look at Citigroup  C. 


Remember, if you want to submit a symbol, go to the tab on the Home page.

We are looking at C on a daily chart going back about 7 months. This stock loves to trade within ranges, making it a little more predictable. Price recently came up off of a very strong level of support going back  2 years. Looks like the bears stepped in right at this 3 month falling resistance, trying to hold it down. This range will continue to get tighter and tighter until something breaks.  Odds are with the bulls on this one. I will look to start a position on the successful breakout and back test of this falling resistance on high volume. If you want to get a little more speculative, you could add, or start a position near trend line support if we fall back down. That would sit near 4.45-.46.
 macd is nearing the 0 line, we have a triple bullish divergence on macd histogram with a successful cross. money flow still positive, near going negative. price closed Friday 2 cents above the 5 ema.

Where are we headed a little longer term?... i'll have that chart up tomorrow.  I will be using a 1 week chart.

PS.  stay posted for the breakout of this falling wedge. i'll be micromanaging that to get the best possible entry price.

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Where do i start?

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notice the significance of $ 0.30? go back to late december 2009 connect the lowest lows, passing through mid december 2010....BAM .30.
trendline support to the cent! as you can see, price hates being in the vicinity of that extreme level of support.

i thought that was very significant, due to the utter crazy BS that was going on.

looks like 4.25-4.30 is possible short term. i would like to see price hold that level. price closed below 5 ema yesterday and looks to close below again today. this signals a pullback. we have had a hell of a ride and a healthy pullback is good. if you want to trim, do it near 5 ema. if not thats fine too. i will be adding at the 4.25 area. its important that that level holds, if not we have some moving averages to support us below that. if those dont hold, we could see trendline support at 3.50 area. thats donward sloping from the recent feb and mar lows.