Monday, March 28, 2011

NVGN Intraday Bounce Play

NVGN was good for an intraday bounce play today. Price dropped about 25% from the high of the day down to $2.26. The candle highlighted in yellow was not the greatest setup, but it looked good after a 25% drop. The high of that candle was $2.32, and the buy signal right above that. Price from there rapidly rose to $2.69, before it started to show weakness. A good sell would have been around $2.60 to $2.62 as the stock definitely was appearing weak there.

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