DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
Tuesday, June 03, 2008
Rediff.com India Limited (NASDAQ: REDF) May Creep A Little Lower
I was scanning through some ADR's this morning, and noticed a bearish set up in Rediff.com India Limited (NASDAQ: REDF). The stock has a bear flag in place, best noted on the 60 day chart (pictured below).
As you can see, there was a swift downside move on strong volume, creating the flag pole. After the flag pole creation, the stock saw some sideways action...creating the flag. Now REDF is breaking the bear flag, indicating strong potential for continued downside action. The only issue I see at the moment is the low daily volume nature of the stock.
I have a stop in target in mind for this trade, but cannot share it on this blog. Reason being, there is a strong chance we will send this as a trade alert to DaytradeTeam Members after a little more analysis. To become a Member, simply call 866-232-9872 and request information today!!
Regards,
Nick Fenton
Sr. Trade Analyst
As you can see, there was a swift downside move on strong volume, creating the flag pole. After the flag pole creation, the stock saw some sideways action...creating the flag. Now REDF is breaking the bear flag, indicating strong potential for continued downside action. The only issue I see at the moment is the low daily volume nature of the stock.
I have a stop in target in mind for this trade, but cannot share it on this blog. Reason being, there is a strong chance we will send this as a trade alert to DaytradeTeam Members after a little more analysis. To become a Member, simply call 866-232-9872 and request information today!!
Regards,
Nick Fenton
Sr. Trade Analyst
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