Tuesday, March 16, 2010

CHOP

Everything is aligning nicely for a long entry in CHOP.

The FXI is now short term oversold in an intermediate term uptrend after pulling back in relatively low volume trade for the past four days.

Like FXI, CHOP has also pulled back in a very orderly fashion after a powerful breakout from a base, based on earnings related news.

So, I am now looking to go long of CHOP on a reverse and break of this morning's high of $7.53 with a stop below what I anticipate will be the swing low of $7.25.

Goodluck and good trading!

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