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Charts courtesy of stockcharts.com

Thursday, October 15, 2009

RINO

With a lack (so far) of really good looking breakouts (RUBO is the best looking, but is an acquisition target), I took a look at charts from the relative strength list, and this one really stuck out. RINO has been the number one stock on the IBD 100 for a couple of weeks now, and is a prototype growth stock, coming out of nowhere to make a huge move, and is now pulling back. The previous breakout point is at 17.75, and it is concievable we could go that far (it would also bring us close to the 50dma), but the tails on the last candles indicate late buyers coming in.



Here are the numbers from Finviz, and they are quite good. This is a low float stock, so it will move fast when it gets volume, so if you get in be prepared for a roller coaster ride. By the way, this also has the answer to the question I asked yesterday in my post on WATG (nobody took a guess, but then, since there is no prize, I'm not surprised).

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