USS

[TheChartGuru]

Bouncing from oversold. Low volume so far, but it may run if it crosses the R2 at 2.14. Currently, 2.10

The Guru

[dukhunter99]

Bouncing from oversold. Low volume so far, but it may run if it crosses the R2 at 2.14. Currently, 2.10

The Guru

I dare not question your judgement on these things but everything I've tried to learn from you guys tells me this stock is bad news. All three moving averages are down and the MA31 is below the 150 and 200. The stock also appears way oversold. isn't that bad? So I can learn, why do you think this stock will become productive. Is this a long term or short term buy?

[EightCounts]

I'll try to answer this. TheChartGuru is a "bottom-feeder" in that he looks for stocks at the lowest of their low and watches to see them puncture through the next level of resistance. In this case the R2. When this happens there is a very good chance that the R2 now becomes the new level of support and thus the price will rise to the next level of resistance.

Also I dont even know if TCG thinks about long-term investing. He may be, but all his trading ideas are definitely short term swing/day trades.

Please tell me if I am wrong.

[TheChartGuru]

I'll try to answer this. TheChartGuru is a "bottom-feeder" in that he looks for stocks at the lowest of their low and watches to see them puncture through the next level of resistance. In this case the R2. When this happens there is a very good chance that the R2 now becomes the new level of support and thus the price will rise to the next level of resistance.

Also I dont even know if TCG thinks about long-term investing. He may be, but all his trading ideas are definitely short term swing/day trades.

Please tell me if I am wrong.

You described it very well. Thank you.
I rarely hold a stock more then 3 days. USS had an RSI(14) of less then 17. So I put it on my watchlist. An oversold stock can continue to go lower, so I just look to play a bounce. I'm short the market, except long on CPST. Shorting is too easy right now.

The Guru

[TheChartGuru]

Bouncing from oversold. Low volume so far, but it may run if it crosses the R2 at 2.14. Currently, 2.10

The Guru

It took a month and many gallons of iced tea, but USS finally broke out of a bollinger band squeeze.

The Guru