By Jeff Pierce
10.25 Update – It took nearly a month for this to cool off and pull back, and while we’re not quite to $10 yet, I expect this to get there next week. That would represent a 15% pullback from the closing level of the first post covering FENG. That would be enough of a pull back to get me bullish on this stock again. It’s had quite a run but I don’t think it’s over yet.
Use the RSI as a judge that it’s reached a short term bottom. When it hits 40 it’ll be close.
9.29 Update FENG caught my eye as to how strong it has been on the daily chart (screaming RSI is very bullish).
I wouldn’t chase it at current levels, but if it pulls back 15 – 20% from Friday’s close, and it does so on semi low volume combined with a market that continues to trade down to sideways, I would consider this a buy on the pull back.
Check out past Look at this Stock picks here.
Also check out every live tweeted trade since June here.
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