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Technical Analysis with chessNwine

chessNwine
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
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Hammer Cereal for Breakfast

chessNwine Thu Oct 3, 2013 8:36am EST 5 Comments

As bearish as I have been on some of these consumer staples dating back to the spring months, you simply cannot short them down here.

In fact, a name like Kellogg could easily be setting up for a little counter-trend bounce. Note the hammer candlestick on Wednesday, on the daily chart below. If you play, keep a stop-loss below yesterday’s lows.

If the staples cannot even muster a bounce in this spot, then you know something is seriously wrong…

See the infographic after the chart for some real breakfast.

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K

 

 

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5 comments

  1. TheOSU
    TheOSU
    October 3, 2013 at 8:47 am

    O.T. Please , a moment of silence for the impending death of ANGI .

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    • chessNwine
      chessNwine
      October 3, 2013 at 9:19 am

      You think?

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      • TheOSU
        TheOSU
        October 3, 2013 at 10:15 am

        I’m not saying the company is going “toes up ” , but I am convinced all these social media type equtiies are a replay of the Dot.Com era . How soon ? I would guess they get washed out late first Q 2014 .

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  2. weegoody
    weegoody
    October 3, 2013 at 9:09 am

    off subject…MCP follow through today?

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