Tuesday, July 18, 2006

Betting on a short term rebound

Today I placed a trade on Cosco based on the bullish white candle which near closing i saw it's volume breaking it's 50 days MA which is also higher than the previous down day. This to me meant the bulls came back strongly. On trendline, it looks like a uptrend in the making. Another reason i had for buying today was a bet that Dow Jones will behave itself and nikkei will rebound tomorrow. HSI has shown that it refuses to go down.

I bought this at 1.03 and the selling yesterday caught me by surprise. Didn't had the time to cut. Since we are near the support right now, i shall bet for a rebound in Nasdaq which should help Jtech too.