A few weeks ago, CHP just broke-out from its downtrend channel line.
I haven’t took notice of it before, dead-ma! But upon looking it now,I found out it looks really yummy. You see, I just wanted to experiment on CCI on how it bounces on the channel line up and down. You can see on the chart what I’m trying to mean. As of writing, the last candle is resting on the channel support line, “Enter now!”,you might say. But on the daily chart, I can’t find any supporting evidence that it would be a good time now to enter. So I go down further to a smaller time frame to find a good entry point and some moral support for it.
On the hourly chart, we can now find bullish divergences! On the end part of the down trend,there are two formations! While the prices making lower lows, both CCI and RSI are making higher lows! Now,is it a good entry? We can only find the answer on Monday and the coming weeks!
PRMX just reached its 52-week new high and at 5.00 (All-Time High) and closed at 4.92 last January 27,2017 — which is a Friday. We’ll be focusing on its 52-week new high since I am experimenting on this Friday rule I saw on the internet. The rule is really simple.
Rule number 1: On a new 52-week high, when the market closes at or close to its high on a Friday, buy long and go home long for the weekend.
Rule number 2: Exit the long position on the opening the following Tuesday.
Rule number 3: If the market opens lower on Monday, exit the position immediately.