Showing posts with label casinos. Show all posts
Showing posts with label casinos. Show all posts
Thursday, September 24, 2009
Last week I wrote about the casinos and airlines. http://tradingrm.blogspot.com/2009/09/airlines-casinos-bearish.html
The bearish engulfing patterns on the daily tipped me off that they were about to me in play. Remember, we at TradingRM wait to see price action verify the chart patterns. We didn't short the casinos the day after I wrote my blog. There was no reason to. Today was a different story. Several traders' got short casinos off the open. Yesterday was the first day since I wrote last week, that MGM, LVS, WYNN closed on or near their lows. Moreover, these stocks opened at high of the day, and closed at low of the day. Game on! The bearish engulfing pattern has now been activated. Let's wait to see if WYNN can break below $67.90 for continuation lower.
Speaking of bearish engulfing, here is a daily chart of BZH. Look at the high on 9-23. Above average volume for the day. Don't be surprised if this stock is in play in the next week.
Friday, September 18, 2009
When I normally see one bearish engulfing pattern, i keep my eye on it. However, we have Bearish engulfing patterns in ALL Airlines & ALL Casinos. Please see attached pics of MGM and DAL.
The above chart of DAL shows resistance at a prior gap fill along with the bearish engulfing.
MGM shows the bearish engulfing pattern on substantial volume at early May highs.
More to come on this next week. This engulfing pattern will be resolved sooner, than later.
Subscribe to:
Posts (Atom)
Posts
