I have covered HSO earlier which I have an existing open long position as of this writing. Let’s now look at it’s bigger sibling RHC, another ASX listed hospital operator. A daily chart with short term view analysis this is.
A successful retest of the CLIMAX with RHC bouncing off SUPPORT. A price action behaviour which may be read as SPRING,HOOK,PIVOT. Yes, SPRING,HOOK,PIVOT. To explain this behaviour , SPRING stands for WYCKOFF SPRING, HOOK as well as PIVOT stands for short term BULLISH REVERSAL completion. All on hand at the close on Friday. This SPRING,HOOK,PIVOT behaviour in WYCKOFF METHOD may be an invitation for a new long position with a stop just below the SPRING LOW of $65.64.
Bruce, what do you think about the SPRING,HOOK,PIVOT terminology ?
No, I am not in RHC as of this writing. Monday (06/02) may be a different story.
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