Last Update: Iris & Versatile
This will be the last update on Iris & Versatile. Thats because these syndicated stocks are so heavily manipulated they are not easy to trade & because of this, TA may not have much value. Also I don't want to encourage trading in such stocks, as losses can be too great. The risk-reward ratio is not worth the trouble. So unless some very interesting Technicals form, I will not bother with these 2 stocks in my posts.
Iris - The fall today was below that of Monday. It is resting on the 1.00 support but selling was intense & volume very high. Next meaningful support is at 0.72. Daily & Weekly MACD & RSI are negative. The recent high also forms a Double Top. I would stay out of this stock unless you want to have a heart attack.
Versatile - Has also fallen below Monday's close. This stock tracks Iris because it is a substantial shareholder in Iris. Daily MACD & RSI negative. Weekly MACD is still positive but may not remain so for long. Weekly RSI is down. Next support is 0.55. I would also stay out of this stock.
posted by Dr. Siva @ 3:58 am
2 Comments:
doc, agree with statement. these damn stocks have to keep "eye" on all the time, scared to even go toilet with exposure to these stocks. In out in out, remisier benefit. I like to concentrate on stocks that need holding, either 1-3 weeks for Short term, or 6mths -1 year for longer play.
I aint no TA trader (starting to learn but so much to read), and i basically use FA but feel that if in 1 year can get 3 good stocks, that is worth the effort already (1 good enough is it's something like carotech!).
CCdev, I totally agree with you, but with TA I am sure you'll find at least 1 good stock a month
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