[Buying 51jobs Inc (JOBS)/Day Order/Limit $23.05]
Dear Member:
51jobs Inc. (JOBS) has bounced up off an intersection between a weekly price support and uptrend line. The stock has just gone back above the 10 week moving average and the 50 day exponential moving average. It is highly rated by IBD and appears to be in the process of forming the handle of cup and handle on the weekly chart. I plan to take a relatively small position and add to it if the stock breaks above about $31.10.
If filled, my initial exit is a close below the uptrend line that began in March (currently around $21). The initial upside target for me is 28 for a potential reward to risk ratio of 2.5:1.
I think the markets have a chance to move up now if North Korea will stop its' nonsense.
DISCLOSURE: At the time of publication, I have no position in JOBS.
Sincerely,
Bill Kraft
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