Moving to MY Happy Trading

HappyTradingBlog has moved to My Happy Trading.com. Please come by to say "hi" by clicking here!

Wang's Happy Trading Daily Posts

Tuesday, April 17, 2007

Short On TSO?

Almost a week ago, I looked at TSO, and thought it might be good to wait a little before betting against it. Now, it seems like the time may be getting ripe.

TSO got a downgrade from Citigroup, and started to slide 2 days ago.

The daily chart shows that it is touching the 10-day MA, which often acts as a support. It might be time to get half the short position that you might have in mind to get (that is, if you're not already in). I'd be more comfortable if TSO goes under the 10-day MA, which would probably bring it quickly to around 105.

The intraday chart shows that MFI and RSI look like they are bottoming, but, the MACD seems to carry with it some downward momentum (i.e. it is not flattening).

No comments: