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by Koos van der Merwe
With the reelection of President Barack Obama and the idea that Obamacare is here to stay, looking at health-care stocks is a must.
Position: Buy
Koos van der Merwe
Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.
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RSI
Cross Country Healthcare
11/28/12 08:13:57 AMby Koos van der Merwe
With the reelection of President Barack Obama and the idea that Obamacare is here to stay, looking at health-care stocks is a must.
Position: Buy
| Cross Country Healthcare is a stock that has fallen badly over the months. From a high of $39.29 in June 2002, it has steadily fallen, reaching a low of $3.85 by September 2011. |
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| FIGURE 1: CCRN, MONTHLY |
| Graphic provided by: AdvancedGET. |
| |
| Figure 1 is a monthly chart showing how the price fell dramatically from June 2002 to $9.77 by October 2002. The price then rose to $24.16 by November 2006 and then over the following five years fell to $3.85 by September 2011. Since then the price has moved sideways, trading at $4.05, its present price. |
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| FIGURE 2: CCRN, DAILY |
| Graphic provided by: AdvancedGET. |
| |
| The daily chart in Figure 2 shows price dropping to a low of $3.85 by September 2011. What is interesting is the strong support at the $3.82 to $3.85 price range. With the relative strength index (RSI) suggesting a buy and the resistance at $5.05, a possible buy is likely in the cards. |
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| FIGURE 3: CCRN, DAILY, OMNITRADER |
| Graphic provided by: Nirvana Systems. |
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| My final chart, in Figure 3, is a chart with the vote line suggesting a buy signal at the advisor rating of 69. This is a strong signal, based on the RSI 12-period strategy shown in green below the vote line. The two indicators on the chart, the RSI four-period indicator and the RSI 14-period indicator, are in a bullish trend. I would be a buyer of Cross Country Healthcare at the present price, but consider selling as the price approaches the resistance line at $5.05. |
Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.
| Address: | 3256 West 24th Ave |
| Vancouver, BC | |
| Phone # for sales: | 6042634214 |
| E-mail address: | petroosp@gmail.com |
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