Searching for Coins in the Mattress
- Posted by Greg Harmon
- on December 4th, 2012
Everybody needs a few extra bucks this time of year. Money for the doorman, babysitter, postal worker. Presents for the the family, teachers, bus drivers. I have a plan to get that money for you. Look for it in the mattress. Literally. Well maybe not literally but technically. Take a look.
Select Comfort, $SCSS
Select Comfort, $SCSS, made a low November 14th and has trended higher since. The Rising Three Methods (in the blue circle) confirmed a move higher on increasing volume with the 38.2% Fibonacci retracement at 28.31 above. The rising Relative Strength Index (RSI) is making a new higher high and the moving Average Convergence Divergence indicator (MACD) is positive and growing, both supporting further upside price movement. The Measured Move higher, if it can get over the 28.31 level, takes it to 29.12, just shy of the 50% Fibonacci.
Tempur-Pedic, $TPX, bottomed the next day, November 15th and has been moving higher since. Tuesday it moved up through the 23.6% Fibonacci retracement level of the downward move and resistance from early in the month. With a rising RSI also making a new higher high and a positive MACD to support it as well, the upside is favored into the future. If it can get above the 27.77 (black line) historical resistance/support it has room to above the 38.2% Fibonacci level at 28.68 before further resistance closer to the 50% retracement at 30.12.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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