Missed Mardi Gras in Rio? Não Há Problema.
- Posted by Greg Harmon
- on March 7th, 2013
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.
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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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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