Here’s a look at Motorola for Jeff, who wrote:
I don’t know if you are still answering chart requests, but I am interested in your thoughts on MOT. It doesn’t seem like a great technical setup IMHO but I feel bullish about it and was thinking of buying when it closes above its 52-wk hi of 25.
I had to do a double take when I pulled up this chart — Motorola is actually pushing for a new 6-year high. So it’s in full-bull mode and breakout traders might want to go with Jeff’s plan. I’m not a breakout trader and a couple of things in the chart make me nervous about trying to chase it here. The volume is just OK right now. If it does actually breakout I want to see a volume surge. It’s also overbought and extended from the blue trendline. So I’d rather try to get it near the blue trendline and/or, at the very least, wait for stochastic (whatever settings you use) to get near oversold.
Thanks for your analysis of Motorola. I sold part of my holdings at $24.92 on Friday for a small profit. I thought that Motorola was nearing a short term peak and would probably pull back, as it has done several times in the past year (Nov, Jan and May) . Based on your charts and analysis I will sell the rest of my holdings soon.
It has printed a broadening formation and now it is testing the upper trendline. risk is high at this level. I’d rather close long position here.