Market Technical View: 1/27/13

Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

Friday, February 1, 2013

GROUPON - time for a rally

This is a chart I have been watching for over a month now and it finally triggered one of the buying scenarios.

I expected a break above the $5.47 key resistance in the previous analysis ( http://markettechnicalview.blogspot.ro/2013/01/groupon-analysis.html ) and this happened yesterday on a relatively high volume.

Add to this fact the support offered by the 50 and 100 day moving average which is a plus for the buyers. Those who are looking to buy can buy the small intraday pullbacks or can wait for a clear break of the resistance zone and a retest of it as a support.

The first resistance is in the $6.40 but the target is in the $7.90-$9.00.