Missed The Rio Carnival? Não Há Problema
Dragonfly Capital | Mar 08, 2013 12:26AM ET
If you just could not find the time to get down to Rio for the carnival, there is still a bit of Brazil you can celebrate right here at home. Brasil Foods (BRFS), has been setting up in a long Cup and Handle pattern for several weeks. On Thursday it broke a major trigger, signaling a long entry.
The chart above illustrates the Cup and Handle. The target for the pattern is a move higher to 32.00. The trigger today came with a move over 22.81, the previous high from January 25th. If you need any more coaxing the Relative Strength Index (RSI) is bullish and rising with a Moving Average Convergence Divergence indicator (MACD) that has the signal line moving back higher, and the histogram crossed to positive and Bollinger bands opening higher. Enter on a move and hold over 22.81 and look to stop it at the gap below at 22.05.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Original post
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