Thursday, February 14, 2013

Cemex

Cemex, CX, looks like it's coming up on some resistance. Weekly chart below.

www.freestockcharts.com
Currently CX is trading at 10.95, resistance looks to be around 11.15. If CX can break the 11.15 mark they might have a shot at 14.50 or so. The bottoms labeled "1" and "2" also lend some strength to the bull argument, sequentially higher bottoms are usually good things. On top of that the price is above the 34 week river and the 100 week MA. The daily chart below shows some interesting things as well.

www.freestockcharts.com
The circled area is a window, also known as a gap, windows make for good support/resistance points. In this case it will be support; the level is about 10.20 to 9.90. The daily chart also shows a more in depth look at the interaction with the resistance at 11.15. Price tried to break it, failed, and then retreated to the bottom of the river before bouncing back. Looks like price will try to break 11.15 tomorrow or maybe early next week. Here are some hypothetical trading points.

Entry: 11.25 (A close above 11.15)
TP: 14.25 (Below the 14.50 high)
SL: 10.20, 9.90, 9.70 (In the window support area or just below it)

Not much else to say about this one. Holding past 14.50 could be risky, I would expect a pullback somewhere in there. If the price stalls or begins the pullback before 14.50 selling early would be the best course of action. I would expect that to happen around 12.50 if it decides to do that.

If you have a stock you want analyzed leave it in the comments. 

Do your own research before taking any position. I do not currently own any CX but I might pick some up in the next 72 hours. 



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