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I just pulled up a chart of Liz, based on what I could see I would look to plan a long position around $6.30 if it bounces down to that level. This is where I anticipate major demand, as it is a monthly support level.
I see another longer term play setting up here. I know I said I'm feeling bearish but this market SO FAR seems to be holding. I like VZ here on a daily chart.. It's holding support @ 29 now for a 3rd time after been beaten down since Dec '09. and it looks like it's setting up for a TTB above 24. Hesitant b/c of my bearish bias. will keep an eye on it.
That's a pretty nice trend there too. I'd trade that area too. Thanks for the chart Matt!
Jay
No problem Jay. I think this set up on Liz is great JD. I especially like how on the chart I posted 6 candles back on volume which is February 23, 2010 as the market was at a major supply/demand area the bulls really fought hard to take control. You can take a look at the extreme volume there. After such a difficult fight I don't think they are going to give in to the bears easily. Looks like the support will hold, as long as market conditions hold.
I see another longer term play setting up here. I know I said I'm feeling bearish but this market SO FAR seems to be holding. I like VZ here on a daily chart.. It's holding support @ 29 now for a 3rd time after been beaten down since Dec '09. and it looks like it's setting up for a TTB above 24. Hesitant b/c of my bearish bias. will keep an eye on it.
Hey JD, thanks for posting this. I personally am feeling pretty bullish here if we see price get through the supply area line you drew there. In fact I might play this on a little bit of a longer term. Thanks again for pointing this out.
Hey JD, I'd probably wait until the break below the 1840 level from the 1st. But then yea, you have a good profit margin there to work with below that. Let us know if you play it out.
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