Keep an eye out for this company. Above 490. The co nicely bounced off the 50% retracement level. Ethanol capacities should come online this month or at the latest by April. Should bode well for the company since they have tons of expansion coming this year.
My point is, if 520 was high, wher u taken 50 pcnt from?
rdkriplani
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@StockWhizzer, Its not 50% drawdown..its a fibonacci level from low to high of the previous move.. See the chart and see where the previous low bounced from..its the .5 of a fibonacci level.
StockWhizzer
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can u elaborate in short?
rdkriplani
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@StockWhizzer, Buddy it cannot be easier than what i have written in plain english..Long above 490..Seems to have worked out right.
StockWhizzer
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Assuming 140 pt moves from 220 to 360 to 500, is 640 coming soon bef reversal?