Registered User
Joined: 9/21/2005
Posts: 4
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Take a look at this and tell me what you think>
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Registered User
Joined: 12/8/2004
Posts: 1,301
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I like the chart of this stock. Each time this stock has moved up it has retraced back down to the 38.2% retracement level. The low of this stock today has retraced to the 38.2% level as well. We might see a couple of days of sideways moves from here, but we should see a move up here if history can repeat itself for the 3rd time.
Now the bad news, how high can it go? It's all time high is 19.30. It will have trouble making it past that, but once it does there will be no one that owns this stock at a higher price. When you have a stock at an all time high there is no one in the stock that WANTS to sell it. Everyone in it will be in at a profit.
The only thing that can make this stock drop is panic. These type of stocks can go down very quickly if the overall market direction turns really sour, or if earnings disappoint. Everyone will be trying to protect their profits, and in so doing the stock will not have a huge amount of support since it is fairly low in instuitional ownership.
If I were to enter this stock I would set my stop loss around 16.83.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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I love the chart. Think it would be a great buy if closes above 18.60. Nice little base forming for springboard from here maybe. Volume last 2-3 months very encouraging imo.
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