Thursday, January 22, 2015

Triple confirmation and saying goodbye to an old friend.

Tesla is not looking so hot from a technical perspective.  I'd been planning on holding it for many years but it has lagged behind my other two stocks.  It is trading below common averages, many of which are moving lower.  It failed to retake these key averages at end of 2014.  I sold out.  Chart below:

Novavax has performed well, finally breaking out of multi year highs.  I might have jumped the gun adding more this am but expect that over the years it will continue to do well.  I've looked over some of the trading books on my shelf and have tried to reinforce that this is a good point to add to a potential winner.  It is a potential triple combination winner ala Weinstein book (P.148) with good RS (blue line), breakout on high volume (some critique over building volume of past several weeks), and it has experienced a nice move in price after at least a 50% move from the $4 range when it broke out of 6 resistance.

I'm still watching TSLA for more big moves.

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