Excel Maritime Trades Strong To Upside

EXM has made a strong move higher as anticipated in the trading concepts write up. If you have not entered into this trade yet, you want to monitor EXM closely for an entry point.

Today’s open did gap. From these trading levels, filling the trading gap could create a 62% Fibonacci retracement, and a potential wave 1 if the low holds that would bring EXM to its expected larger time frame profit target. Wait for a pullback to enter EXM near below 7.15.

EXM’s larger trading time frame should be headed to 9.00 and above. The chart below shows the gap higher and a 15 minute trading time frame MACD signal line cross. This may indicate the correction we’re looking for if it continues.

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By SSTtrader | December 1, 2009 | Watch List | 3 Comments |
  • daytrader

    Today we got exactly what we were expecting yesterday for EXM. Todays low was a good entry point for a 5 minute trading time frame and it did trigger a buy signal. Watch for the low to hold to confirm the move higher. Wave 2 can often retrace up to 100% wave 1 and be successful signal to trade higher.

    With even lower time frames yet to confirm the 6.66 low there still could be a break in this price before a trend reversal. Keep this in mind if trading from a short term trading time frame and build your position appropriately according to your market trading strategy.

    Track the buy trading signal here.

  • daytrader

    EXM traded lower to 6.29, but has made a nice move higher since. Trading since this low has been positive. The pullback today could be a good opportunity to get in. If the low holds look to start a position at 6.50. If EXM trades over 7.00 and holds, it should be a turning point to a trend higher and could trade to 7.60 and 8.42 on a thirty minute trading time frame.

  • daytrader

    EXM broke its most recent support today at 6.29. The stock should trade down to test the wave 2 support level of 5.75-5.83. Often a wave 4 will trade close to a wave 2 support level. The uptrend could still be in play to the 9.41 profit level if this wave 2 level holds.