Chart of the week
Date: 11/16/2009
Symbol: RKT
Company Profile: Rock-Tenn Company manufactures and sells packaging products, recycled paperboard, containerboard, bleached paperboard, and merchandising displays worldwide.
Sector: Consumer Goods
Industry: Paper & Paper Products
TRADING PLAN
Entry price: buy above: 13.55
Stop price: sell under: 13.20
Target: 14.00 – 15.00 areas
Chart explanation: I like cup and handle on daily time frame, what result with bull flag on right side. You know that I admin only three truly patterns but that is discussion for mentoring program. Anyway, weekly and monthly time frame support long side and first resistance will be $50 as number resistance area. After that resistance is previous high and new highs. If you look at monthly chart you can see that with good pace and volume RKT can turn in to position trade what can be interesting for long term traders.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
Date: 11/16/2009
Symbol: RKT
Company Profile: Rock-Tenn Company manufactures and sells packaging products, recycled paperboard, containerboard, bleached paperboard, and merchandising displays worldwide.
Sector: Consumer Goods
Industry: Paper & Paper Products
TRADING PLAN
Entry price: buy above: 13.55
Stop price: sell under: 13.20
Target: 14.00 – 15.00 areas
Chart explanation: I like cup and handle on daily time frame, what result with bull flag on right side. You know that I admin only three truly patterns but that is discussion for mentoring program. Anyway, weekly and monthly time frame support long side and first resistance will be $50 as number resistance area. After that resistance is previous high and new highs. If you look at monthly chart you can see that with good pace and volume RKT can turn in to position trade what can be interesting for long term traders.
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
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