Tuesday, July 12, 2011

FSIN May Have Stuck Its Neck Out Too Far

 Today's daily range has been pretty wide.

 Here's what caused the wide downside part, it appears to be an early morning attempt to wash out stops.
The recent move is a bit more parabolic then it appears on the 1 min chart. Trading is certainly out of recent character.

 3C 1 min is not following FSIN higher.

 Nor is the 5 min chart.

 I would keep an eye on the 50-bar m.a. on a 60 min chart, it may be the key to a reversal here.

The 15 min hart hasn't gone south yet and I'd like to see that happen before jumping in the trade with both feet. By the looks of the 1/5 min 3C charts, it may happen quickly.

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