Slope of Hope Blog Posts
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The most salient feature of the enclosed 4-hour chart of Cisco (CSCO) is the series of lower-lows from mid-November at 19.34 into last Friday at 19.00, which were not confirmed by my 4-hour RSI (momentum) gauge.
From a momentum perspective, the hourly chart work produced an RSI "sling-shot" that only needed a catalyst to trigger — and the catalyst came in the form of a brokerage firm upgrade. With that in mind, let's also realize that a similar momentum sling-shot also had developed in the daily chart. The chart pattern indicates that CSCO ended its downleg from 24.62 (Nov 10) at 19.00 on Friday afternoon, and has just started a recovery upleg.
Initial target is a test of the prior rally peak at 19.72, which should be hurdled on the way towards 20.40/80 thereafter.
Originally published on MPTrader.com.
As I posted a month ago on rare earth companies being in a bubble are now playing out. MCP has just broke the 50 and REE is hovering over it, with both sporting very weak relative strength and accumulation. These stocks have a long way to fall and I will participate in this decline.
I also believe that the rare earth ETF marked the top.
How'd you like to help good ol' Tim win a Nissan LEAF? You would? Great!
You can do so by by clicking here to watch the little 30 second video they had me make with my little girl. The pain of it is that they ask for your email………..sorry, not my decision. Nissan will not contact you in any way, just because you give them your email; they are just trying to make sure votes are valid! But any and all votes would be appreciated, since the top vote-getter wins this car! Thanks.