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Monday, January 04, 2010
TT(VCM?) Recomendation - NG
The Technical Setup: Team Trading buy setup (VBS). NG has been in an uptrend most of this year. A sharp pullback at the beginning of December, after making a new daily high, tested the five dollar support area. The next rally rocketed to test the prior high, with a bullish wide range bar (+WRB). This pullback has four red bars, a 50% retracement, and is right to the rising 20 period moving average. Friday, the stock gapped bullishly over the prior small red bar, triggering the buy setup. We will look for follow through to that move.
The Play: Traders can buy NG as a swing trade over 6.17, with a protective stop under 5.80. We will look for targets of 6.79 and 7.49.
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