A decision by China’s central bank to trim its benchmark interest rate sent stocks higher with a gain of about 1% in early Thursday trading session. The market however, sold off sharply in the afternoon after Fed Chairman Bernanke failed to hint at plans for further quantitative easing in the immediate future during his speech before Congress.
Despite the overall weakness, shares of OSI Systems Inc. (OSIS) attracted strong buying support, jumped 2.68% on above the daily average volume to 64.46. This is bullish from a technical perspective. In fact, as the chart below indicated, OSIS could climb up and test the 52-week high of 68 after the downward trend halted. Just so that you know, initially profiled in our March 2, 2011 “Swing Trader Bulletin” OSIS had gained more than 70% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for OSIS and the S&P 500 index. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – OSI Systems Inc. (daily)
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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