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maximumvalues
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Born 1970 , Grad B.Comm U.Vic 1995 , Finance Manager , Married with Two(2) beautiful girls who will be living with me a long time. The world continues to create money and refuses to accept that the standard of living in the Modern World needs to decline. This is the only way that the planet can... More
  • MDVN ... TECHNICAL BREAK DOWN? 0 comments
    Feb 17, 2013 10:41 PM | about stocks: MDVN

    MDVN has many analysts putting in sell recommendations. I have shorted this equity at $55.40 but feel that it has much further to fall. Looking for a target of $30 to $40 before covering.

    I use weekly charts and set the SMA at 26 and 52 and look for arcing stocks that double top and show resistance. This sets up an RSI divergence. MDVN peeked out at 63 RSI twice after hitting the $58 level back in October.

    MDVN has developed a drug to fight cancer and the share price has ballooned 10x its value in 2 years. The stock was split 1 for 2 not long ago.

    This position should really profit if the share price breaks $48 as this is the only discernible support in my opinion.

    Focus on the weekly charts and find trading more relaxing.

    Good luck trading.

    Rich

    Disclosure: I am short MDVN.

    Additional disclosure: NOT investment advice. Only intent is to share a current position I'm profiting from.

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