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Wednesday, September 21, 2005

TSO - 092105

1.) What did I see?
An interesting chart today. A gap up with the first four bars weak, but finding support at the 34MA. Note also that we are in the "retracement zone" of yesterday's low to the opening range high. I am watching for support to be established - eight bars in the stock has not broken the 34, and the eighth bar is narrow range and closing above the 50% retracement.
2.) What is the entry?
A break of the eighth bar high.
3.) What is the exit?
1/2 closed after $1 gain, the other 1/2 held and closed at the end of the day.

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