I wouldn't characterise Ford as a potential failure just yet personally, as it's simply making it's first significant pullback after it's initial Stage 2A breakout in early December and is currently still above it's early 2012 resistance, which will now become support. So what you should be looking for here imo, is signs that the support is holding over the coming days/weeks, as the volume on the decline, except for today (which was related to strong earnings results - sell the news scenario) has been relatively weak, and if you look at P&F cumulative volume of the decline, it's be very small in comparison to the up volume during the breakout - which is a positive sign. So I think it should stay on the watchlist, as it had gotten overextended in the short term and a correction is healthy and what we were looking for, and the 30 week MA is rising and a long way below still, and the relative performance is still above it's zero line.The following stocks that have been mentioned here have all come back to their B.O. levels.
Owing to the volume characteristics I'm seeing these as potential failures. I have been long RIMM since the break out with a stop under the 50dma, any thoughts?
24.4 KB Views: 179
32.6 KB Views: 481
15.9 KB Views: 178
15.8 KB Views: 176