Reminds me of the market today, Fred has the right idea.
I decided to spend some time doing a variety of scans this evening to get a better picture on where stocks stand. Using Finviz.com I ran the following scan:
In reviewing the list, I noticed FRED (Fred’s Inc.) and thought I would take a deeper look at. In reviewing charts on several timeframes, I focused in on the Weekly chart:
A LOT of VaP (Volume at Price) exists at this level so there is good supply here. The Spinning Top / Doji candle to this week (today) signifies indecision so the bulls and the bears are in a battle.
Keep your eye on this one, now that we’ve found Fred, and set some Price Alerts. I will suggest setting them to 14.25 and 13.50