I am just starting out getting into this whole technical analysis thing. I am publishing this to get any feedback to see if anyone has any comments to make about my chart and what I saw with the indicators.
As for the chart I see a possible opportunity to trade a bounce in Big Lots, however there are no distinct signs of reversal. I see divergence in the MACD indicator as well as a double bottom on the Ultimate Oscillator. A cross of the trigger line on the MACD and a cross of a 50 line on the Ultimate Oscillator would confirm the bounce. So I would target a 33% retracement and advance the stop to that point. There seemed to be some support and resistance at this point. If there is further upward movement I would target 50%.
Again any feedback would be greatly appreciated. I want to make sure I am on the right track. I have been paper trading for a while and am looking forward to find a few good entry points in to the market soon.
As for the chart I see a possible opportunity to trade a bounce in Big Lots, however there are no distinct signs of reversal. I see divergence in the MACD indicator as well as a double bottom on the Ultimate Oscillator. A cross of the trigger line on the MACD and a cross of a 50 line on the Ultimate Oscillator would confirm the bounce. So I would target a 33% retracement and advance the stop to that point. There seemed to be some support and resistance at this point. If there is further upward movement I would target 50%.
Again any feedback would be greatly appreciated. I want to make sure I am on the right track. I have been paper trading for a while and am looking forward to find a few good entry points in to the market soon.