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Thursday, June 14, 2007

What DoThese Two Charts Have In Common?

I have previously highlighted IR and FSLR in my watchlist. Above are intraday 15 min chart action on 13 Jun. Here's a teaser. What do they have in common?


Anonymous Reno said...

That they both broke through the 61.8% and 100% retracement levels and finished at 138.2%?

1:27 AM  
Anonymous JMOT said...

Both of them are testing new highs with exceptional high volume?

1:47 AM  
Blogger Simply Options Trader said...

Hi Reno and JMOT,
Thanks for your inputs!

First, a quick update on where these 2 stocks are as of Fri. FSLR is trading at all time high while IR faced some resistance @$53.

Back to the intraday 15 min chart on last Wed, 13/6. After these stocks broke out, they retrace back to test the OR high and consolidated for some time around 11.15am ET to about 12.30am ET before taking another leg up higher. No doubts the release of Fed's beige book pushed the markets higher, but generally, if the stock test its OR high and defends it successfully, it has a good chance of another ride up.

11:18 AM  

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