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Registered User
Joined: 11/5/2005
Posts: 180
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I previously wrote a response to Peter Wordens comments concerning TGC, I wrote' “Last question, does anyone see another triangle forming from 02/01/06 until now with a breakout coming in the following week?”
I believe the breakout happened yesterday. I bought on 3/14 at .70 (up 25.7%). I also believe its important for TGC to break through .94 range, when it does TGC should clear $1.
Appreciate constructive feedback.
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Registered User
Joined: 11/5/2005
Posts: 180
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Anyone ever buy into the TGC breakout (see above post), curious how far traders think this will go before pulling back.
I'm interested now in accumulating more shares on dips.
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Registered User
Joined: 11/24/2004
Posts: 4
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R1
I have enjoyed the ride from 91 to 120. I sold my shares. Waited for a bigger pull back, never got it..This stock just touched the high back in early 2003. I am going to wait for the support of, maybe 2005 Oct high or the 2006 Feb, for a reintry point.
What is your take.
Todd
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Registered User
Joined: 3/7/2006
Posts: 244
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That's a very interesting stock with a lot of upside potential. I would wait for a pullback like Todd said.
Added to my watch list.
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Registered User
Joined: 3/7/2006
Posts: 244
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Also - I'm curious to the fundamentals on this one. I'll do some research on it.
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Registered User
Joined: 12/9/2004
Posts: 14
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Just a question: Is there a large cup w/ handle formation for TGC on the weekly charts? Looks like it's been forming for over 2 years.
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Registered User
Joined: 11/5/2005
Posts: 180
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aj: The daily chart shows the cup with handle formed October to Feb (cup) and Feb to March (handle) with the breakout on March 28.
I see what you mean about the weekly cup with handle although I don't think its legit.
Just my opinion.
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Registered User
Joined: 11/5/2005
Posts: 180
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Todd, congratulations on the 31.8% gain.
I’m not selling TGC, I think it has a long way to go but I could be taken out anytime with a stop order. I think TGC will pull back before mid-week and depending on the analysis at the time I may accumulate shares. I’ve been in and out of TGC since the .20’s, it’s a good stock to own.
In case people are wondering what’s going on they use to have debt and they sold off wells, paid off their debt and now looking to be a profitable company. There kind of like a biotech company, back at .25 it was all speculation how they would restructure the company’s books, to me they’ve made all the right moves and it reflects in the price.
I think it’ll be a good year for TGC.
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Registered User
Joined: 11/24/2004
Posts: 4
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Does anyone agree that the nest support level in TGC would be aroun .90/.93......... I just wonder if it will ever see that price again soon. That would be an idel entry point, I may jump in at the half way mark form today's close
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Registered User
Joined: 12/9/2004
Posts: 14
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QUOTE (r1cowan7) aj: The daily chart shows the cup with handle formed October to Feb (cup) and Feb to March (handle) with the breakout on March 28.
I see what you mean about the weekly cup with handle although I don't think its legit.
Just my opinion.
Could you explain what you mean about the weekly formation--why is it not legit. I see the daily cup w/ pattern from Feb-March. This cup w/ handle forms the handle on the longer-term cup w/ handle (a pattern inside a pattern--are these supposed to be more reliable?). This recent breakout penetrates the old feb. 2004 high of 1.27--the lip of the longer-term cup w/ handle. Am I misinterpreting this? Why do you think this is not a valid pattern? I am not being argumentative; I am very light on experience and want to understand how to read these charts better.
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Registered User
Joined: 11/5/2005
Posts: 180
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ajmonatesti: Important thing to understand about the cup with handle formation is volume; if volume doesn't behave correctly the formation will most likely fail.
Description:
The beginning stages of the cup (left side) volume increases above its 50 DMA (daily moving average), volume then dries up through the bottom portion of the cup once again increasing as the right side of the cup forms, volume dries up through the bottom of the handle increasing again as the right side of the handle forms until the breakout where volume is well above its 50 DMA.
Weekly Chart:
If you go to the weekly chart there isn't any volume as the left side of the cup is developing, I see there is but its nothing compared to the volume on the right side of the cup. Also, the handle doesn't look correct.
Daily Chart:
If you go to the daily chart you can see volume is way above its 50 DMA as the left side of the cup develops, (never has volume been this high in the history of TGC), volume then dries up until the right side of the cup is built, volume dries up again during the bottom of the handle then increases again (above 50 DMA) into the breakout.
William O’Neil has several books that explain the cup with handle formation; he explains it better than anyone – just my opinion. He goes into great depth to explain how much the handle should pull back and other features but I’m not going to get into that much detail here.
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