johnatan hammer's  Instablog

johnatan hammer
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trading stocks, currencies and commodities for more than 10 years. allways happy to learn new things and anyone i meet can be a teacher. i love to use technical analysis as a primary tool for investments or trades.
  • Prgo-23/12/12 0 comments
    Dec 23, 2012 5:22 AM | about stocks: PRGO

    (click to enlarge)= the price of PRGO broke through the 50 and 200 M.A. a pattern considered as a bearish signal.

    worst than that- the last couple of days created s "death cross" when the 50 M.A. broke below the 200 M.A. .

    the fact that the market is not willing to buy PRGO above $105 means that we ran out of buyers at the moment- in other words PRGO is over priced.

    we are probably witnessing a weekly sideways pattern between the levels of $118/$120 and $100.

    if that is the case as long as PRGO stays below $105 i expect it to continue with the down trend to the support level of $80.(click to enlarge)

    Stocks: PRGO
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