It's hard to see on your chart, but there was big volume coming off that last top; rejecting resistance.....probably not just the public doing that selling. But, it's due for a bounce.
Just wanted to comment here to say Ive been watching this one for a while, and a big congrats for your call. I'm not big on TA, but this bounced just around where you said and is up to nearly 3.40 in PM. Hope to learn more from how you see soon!
@Tiptopptrader, posted this in the BBD thread as well. I saw you sold your position in ELP. I know you have a lot more experience in the Brazilian stocks than I do, any thoughts on this one and BBD. I have price target on SID of $3.80ish. Considering taking profits ahead of the target though if you think the Brazilian stocks are likely to dip sooner rather than later. I only ask because you closed your position in your Brazilian stock recently.
Yes my answer is pretty much the same as in the BBD thread. I will add that I closed my Brazilian play because it was above the upper BB where I normally take profits.
Sitting right at the upper BB, and closing in on my target price of $3.80ish. Might close this a little later today if it can get a little higher. Don't want to get too greedy already up 25% with the volatility of the Brazilian market (as reminded to me by @Tiptopptrader).
Just closed my position in SID for 29.21% gain. Didn't quite make it to my target, but it's JUST ABOUT there. I didn't want to get greedy and sit on this for another day than I needed to. It's approaching resistance right now at around $3.90, and sitting at the upper BB. Better time than ever to sell in what I think will be a volatile 2nd half of the month in an already volatile Brazilian stock.
Did the same, sold at 3,85 average las week. I will buy again around 3,20 area OR above 4, after a good breakout (if happens I mean...).
If we can keep getting some more down days, I'll look for an entry at the white support line in the chart below. It's held quite well the last 3-4 times it's dropped to it.
Been busy lately and missed the bounce off the support line that has continued to hold, may try again in the next day or two if it holds this area
Just hopped back in SID at $3.38, has continued to hold this same support line for quite some time now.
This got real ugly real quick. I dumped it for a loss when it broke below the 200MA and held for a few days. Going to be a hard one to trade going forward, so I may be done with this for awhile.
