Jeff Williams, lead trader at PennyPro.com, said that SORL Auto Parts (SORL) has been coming out of an oversold area, holding with a triple bottom and has now broken through its 20-day moving-average line and its next resistance point at $4.07. Breaking through those two significant resistance areas is why Williams triggered the trade. He’s now looking for a test of the double-top of $4.70 which occurred in late August or the 200-day moving average which is at roughly $4.85 currently.

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Jeff Williams is the lead trader of PennyPro.com. He is a short-term trader of stocks under $10 a share. At the time this interview was recorded on Oct. 5, he held 2,000 shares in SORL purchased earlier that day at $4.32, and he was planning to trade them as described in the interview. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

 

Author: RagingBull

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