Bot SNP at 104.68 at 12.48, SLD at 105.10 45 minutes later.
SNP closed at 105.63, near day's high. Made new life-time high. The biggest oil refiner in china by capacity has been strong in recent sessions since May 11 when stock jumped from 92.5 to 100 driven by the news.
http://www.marketwatch.com/news/story/china-may-gradually-give-up/story.aspx?guid=%7B94AEB620-590C-4AB3-90C4-70273A95D78B%7D
This is an example of momentum brought by news on stock's short-term movement. When stock jumped more than 8% last Friday on huge volume, it is OK to buy at market close near new high. Market often cannot absorb the impact of good news or bad news in one session.
This is an example of momentum brought by news on stock's short-term movement. When stock jumped more than 8% last Friday on huge volume, it is OK to buy at market close near new high. Market often cannot absorb the impact of good news or bad news in one session.
As for today, I entered the trade near new high at 104.68 soon after noon and saw the red bar immediately after my entry. That made me a little bit uneasy feeling I have bought at almost the highest point ever. I set the stop to be 104.3. But I was soon assured because if there is hesitation but no drop on big volume, then this is probably not likely to be the top. Stock resumed the uptrend after the 15 minutes pause.
A little bit imagination of how the chart will fold out is necessary for an intraday chart reader. This may be relatively easier if there is a support or resistence on the charts in longer time scale (2 weeks, 3 months and 6 month). But in case of new high (no resistence) and new low (no support), well, I think psychology plays an even bigger role. Hope I will get better at it when I gain more experience in the market.
A little bit imagination of how the chart will fold out is necessary for an intraday chart reader. This may be relatively easier if there is a support or resistence on the charts in longer time scale (2 weeks, 3 months and 6 month). But in case of new high (no resistence) and new low (no support), well, I think psychology plays an even bigger role. Hope I will get better at it when I gain more experience in the market.
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