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Techies SHP

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Bouwer
Super Contributor
Been getting a few buy signals on SHP daily now with my strat, but the massive volume spike on 14th had me a bit worried. Want to see if there is a bounce off support at around 15850. Any inputs would be welcome?
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7 REPLIES 7
Preston
Super Contributor
What are your buy signals except volume spikes?
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Bouwer
Super Contributor
I don't buy on volume spikes, just this one made me worried before I entered the trade. I determine primary trend (21/89EMA), wait for mini reversal trend(7/21EMA), than look for oversold on RSI (10) and enter on a engulfing, hammer.
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Rams
Super Contributor
according to my analysis, its not a buy yet(trading)...if we see a move beyond 164, the stop would be at around 160.A buy now would put the stop at about 136. I personally would wait for a move to about 170, with stop at about 160. A move to about 136-140 will be my level for investing.
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Bouwer
Super Contributor
Well the target is about 170 in my scenario with stop at 154, entry at or about 159. 170 as a target because I see it as a major resistance level using tops from around Jan'13, Nov'13 and May'14.
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Rams
Super Contributor
agree with 170 as resistance, therefore taking out 170 would see a bigger target possibly to 200?
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Bouwer
Super Contributor
Think I am going to take a stab at it, if I do get a proper buy signal. If it does break the 170 level that would be even better. Should mention though that I do use Warrants as a trading mechanism. Probably allot of people going cross eyed after reading this, but there is allot more flexibility than with a SSF and CFD. I determine my risk/reward from the warrant price and determine stops and targets from underlying instrument.. Also allows me to use allot less capital.. Going to be using SHPSBE for this specific trade.
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Not applicable
Guys this is what I am seeing: If it can't push back above the symmetrical triangle of around 159 again this is looking very bearish as the lower lows show. Then if 154 support doesn't hold I am seeing a 20 to even 40 drop here. The longer term chart of around 2 years could be a bull flag, thoughts?
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