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Use Weekly Chart To Add Shares At Pullbacks To The 10-Week Line.(MAKING MONEY)(INVESTOR'S CORNER)
Byline: NANCY GONDO
If you didn't buy enough shares of a strong stock at its breakout, don't fret. You could get a second or third chance during some pullbacks to the 50-day moving average, if you diligently track the daily chart.
You can also find opportunities to pick up more shares by watching a stock's weekly chart. In this case, you'd buy at certain times when the stock dips gently to its 10-week line.
The 50-day and 10-week may seem like the same thing, but they're actually not. The 50-day takes into account daily action from the past 50 days, while the 10-week moving average takes only the price closes from the end of each week.
So if you look at the 50-day for the last day of one week and the 10-week for that same week, the prices won't exactly match up.
Still, the underlying principle of when to add shares to a winning position is the same. Make sure you add a smaller number of shares to keep your average cost low.
If a stock finds support along its 50-day average for an extended period, it indicates there may be plenty of big money, or institutional support, behind the stock.
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