Dec
12
DPDW: Deep Down Inc
December 12, 2007 | Leave a Comment
I feel Deep Down Inc is looking pretty appealing right now.
There are a few reasons:
Looking at a fibonacci on the chart the price has gone below the 38.2% marker but is now coming back up and hit the 50% marker today. Additionally, during the dip which took this baby past the 38.2% mark volume was average to lite.
DPDW appears to be trading in a bullish channel and bouncing up from the bottom support line of said channel.
MACD is about to have a bullish cross.
RSI is on it’s way up from a bottom.
I would consider buying this at the current price of $1.36 and riding it up until the touch of the channel’s resistance which appears to be $2.00 or higher but that could change. A semi-tight stop loss could be used on this guy to lock in any potential gains.
Blogroll
- Break Outs - A collection of posts from blogs I read that consistently perform well.
- Ron Walker - Rob Walker is a pattern trader with amazing youtube screen casts.
- StockCharts.com - Chart of $INDU configured the way I like it.
- The Bull Trader - Technical analysis blog run by an good group of guys.