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Charts and Metastock: |
Since its IPO in 1993 MANU has traded like this:
Just notice from this chart that MANU normally comes to this low level before it takes a bull run.
On the next chart, one of medium term, we can see that the last bulls must have left MANU when it broke to all time lows...
... but investors were trapped on this one! After making new lows MANU recovered back above its previous low, showing sellers of the last few sessions were wrong about selling.
On the short term we have a powerful white marubozu (MANU climbed 22% yesterday) with big volume. So I will be a buyer at today's opening:
I'm changing my strategy a little bit, so I'm not giving an exit trading plan, I will keep monitoring the stock to know when to sell. I'll get a bit more active because I don't want to be holding more than 15 stocks at the same time.
I'll explain this change better in a while. Don't forget to register on this message board to receive our free daily newsletter about the 3 stocks on fire.
Meantime, feel free to comment on this analysis and to suggest any stock picks to figure on our 3stocksonfire list for tomorrow! Thank you !
David Randolph
www.3stocksonfire.org
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