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Monday, January 26, 2009, 07:00PM ET
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CSR Chart Setup Looks Interesting and Possibly Ready to Breakout
China Security & Surveillance Technology, Inc.
Looking like a possible breakout setup here on the daily. Chart setup looks bullish. Note the key pink trendlines drawn in. The lower one will negate the trade at approximately $5.00 while the upper pink trend line at $6.30 should be T1 (target 1) if this play breaks out over the 50ma/20ma here.
NOTE: Great move on financials and oil as I had been calling for. However, UYG has hit the 50ma resistance line on the 60 minute chart. Also, note how it coincides with GS meeting the 200ma on the 60 minute chart. Watch for consolidation off these levels and more upside possible later this week.
NOTE: As mentioned per my earlier blog entry, the financials were up against some pretty serious resistance. This is why it is so important to understand charts on all time frames. Whether you are an investor, swing trader or day trader. Note the resistance on UYG (financial ETF) and Goldman Sachs in the earlier charts on the blog entry. Now note the current charts in this entry. Look at that pullback. Trade smart, trade with technicals.Continue to watch for consolidation/pullback and more upside later this week as said earlier.
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