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We focus on trading strategies that have historically given traders a significant edge when it comes to investing in the stock market. We have worked under and have been trained by some of the top investors of the past 25 years including WILLIAM O’NEIL(bestselling author and founder of... More
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Better Stock Entries
  • RTL Chart Analysis-How To Play The Retail Sector 0 comments
    Apr 12, 2010 1:45 PM | about stocks: RTL

    RTL- As we mentioned on the chart we would be cautious about initiating new positions at these levels due to the potential for a 10-15% pullback to the next support levels.  Price action can also become less predictable during earnings season and the potential for overnight gap downs are a realistic concern.  If we already owned RTL we would feel comfortable holding for now since last monday we had a successful test of  the current trend. RTL sold off breaking the lows of it's last base and taking out all weak holders stops.  This was imediately reversed and RTL closed at the highes for the day on heavy volume.  This allows us to view that level as solid support over the short term.  If we break that level again we would sell at least 1/2 of our position and move our own stops to breakeven.

    Thanks

    betterstockentries.com

    globalchartanalysis.com

     

    Disclosure: no position
    Themes: retail, etf Stocks: RTL
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