ZHNE Hourly Chart and Other Short Positions: Someone asked about Zhone, so heres the technical scoop. After finishing at $5.70/share at Wednesdays close and triggering a sell signal there, ZHNE opened down 15% in the first 15 minutes of Thursdays trading and then proceeded to rally back regaining 13% to finish down 2% on the day. Thats a 28% round trip range on the day and is worth more than a 3 month long 20% bear market. Having achieved this great miracle of trading all in one day, this morning ZHNE opened up and rallied to $6.40 in the first half hour before then double topping, sending yet another sell signal, and subsequently losing all of the gain. At the current $5.62, the stock is still trading below the first sell signal at $5.70 from Wednesdays close. Todays 15% rally in the first half hour was matched by a subsequent 15% decline, or a 30% price range throughout the day, so far. Meanwhile, our other shorts in the tech sector are still active, except for Tesla Motors where shorts were already closed earlier at 133.50. Any rally here in TSLA would represent a buy signal for us. IBM continues to fall, a result of a decline in revenues during the third quarter. AAPL still rates a short, though it hasnt done much. HPQ is also a short and recently dropped down one level in the bid.
Posted on: Fri, 22 Nov 2013 19:27:24 +0000
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