Missed Mardi Gras in Rio? Não Há Problema.

Mardi Gras was a couple of weeks ago but if you just could not find time to get down to Rio for the real celebration there is still a bit of Brazil you can celebrate right here at home. Brasil Foods, $BRFS, has been setting up in a long Cup and Handle pattern for several weeks. Thursday it broke a major trigger signaling a long entry.

brfs

The chart above illustrates the Cup and Handle. The target for the pattern is a move higher to 32.00. The trigger today came with a move over 22.81, the previous high from January 25th. If you need any more coaxing the Relative Strength Index (RSI) is bullish and rising with a Moving Average Convergence Divergence indicator (MACD) that has the signal line moving back higher and the histogram crossed to positive and Bollinger bands opening higher. Enter on a move and hold over 22.81 and look to stop it at the gap below at 22.05.

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Dragonfly Capital Views Performance Through February 2013 Expiry

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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.

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