Technical Analysis Day Trading Review: LVLT and ITU – Pulled in Some $$$!!
Oct 28, 2008 Day Trading, Small Cap Stock Picks, Technical Analysis
Day Trading Stock Pick #1
LVLT
Was watching this stock along with several other members like semper trader earliar this morning as it was looking strong technically forming a bullish ascending triangle pattern on the intraday chart. Breaking above .90 indicated a likely move to $1/share.
I alerted Black Service members to go long at .90 on the breakout. Price then rallied near 1 where i alerted to sell 1/2 at .99 to lock in some gains as $1/share is a tough area to breach for penny stocks. But when it does it usually results in a quick move to 1.10 to 1.20 /share. Which is still in possible sight for LVLT this week.
I sold the second 1/2 of LVLT at .945 when it broke down the pennant formation and the market was weakening as well.
Technical Analysis :
Day Trading Stock Pick #2
ITU
ITU had another bullish ascending triangle pattern in force with a gap fill in progress that looked like it was on its way to fill on the breakout. I bought at 8.19 on a slight pullback to the 9ema support. Yet with the market weakening the the later 1/2 of the session ITU continued to fall and break down key ascending support areas which lead me to sell at 8.10 for a small 1% loss.
Technical Analysis:
Tags: ascending triangle, Day Trading, intraday chart, ITU, lvlt, Technical Analysis
