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Wednesday, December 05, 2007

Day Trade Example: LDK Solar Co., Ltd. (NYSE: LDK)

The above is a 15min chart of LDK, one of the solar companies that is flying recently. It is a classic example of day trending stock. (Note green dotted lines are daily support/resistance levels)

1.Stock gapped up and printed 3 solid bullish bars on heavy volume

2.Retrace and consolidate on low volume to 38.2% Fibonacci level, which is also a daily support zone, together with 5EMA support.

3.Break out of base at $38

4. Initial Stop set at prior bar low. Target the 3rd bar high and followed by subsequent round numbers.

Below is the 5min version of the chart, which you can see more clearly the double bottom.


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