Goodyear (GT): Is this a good Type 1 Buy and why?

[MR]

Three people called today and asked what I thought of Goodyear. Attached is a very quick look at a daily GT chart. For point of a discussion, why don't you all take a look at it and provide input too. This way we can all learn from each other. Thanks, Marc

[soylent]

My neophyte thoughts

I wouldn't buy it, yet...

a) it didn't break the 6/4 DMA line.

b) The 60-minute shows it want's to make a quick trip to $6 before it continues up to $9/10

c) if ~$6.50 really is a support line, it will likely bounce on it again.

I would set an alert for buy at $6.50-6.65 after a bounce to 6.51. Or, I'd look for a break above the DMA (about $7). There are a LOT of buyers that will fight this trend and I think it will hit bottom at least once before it climbs out of this valley.

I look forward to hearing everyone elses TA on GT!

Thanks Mark for starting this thread -- I really hope to learn from others.

One Q: I notice you use AGRESSIVE on the waves. Is there anything that summarizes the differences when using aggressive vs. non agressive? ALSO: Does a higher PTI suggest a better chance than a lower one? (The 60M PTI is 91 vs the Daily PTI of 51).

Thanks again,

-c

[soylent]

Two more things...

2 More things bother me:
1 - The oscillator went DOWN on an up day... because...
2 - The volume was down but the price went up.

The 'good' thing is resistance was broken and that means last Fridays buyers were not quick to dump thier shares when they could break even...

Anyhow, this will be interesting to see how it unfolds.

-c