| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
Registered User
Joined: 12/2/2004
Posts: 1,775
|
A nice tight two month base/consolidation has formed. Looks to me like it's getting ready for next leg up. If wrong, easily defined support for stop placement. A nasty market turn may hinder of course, who knows, take a look and see if you like it.
|
|
Registered User
Joined: 12/2/2004
Posts: 37
|
IMO: GW is seeking 50DMA support. I see a negative TSV18 divergence from Jun17, RSI also showing negative, RS to SUB-IND declining since end of Jul. I'd buy only on confirmed break out (however YOU define them) using a buy stop with a tight trailing stop ($0.25). What will you do if GW opens down big?
|
|
Registered User
Joined: 10/7/2004
Posts: 2,126
|
Petry you know what consolidations bring. The longer the consolidation the longer the jump. You know what to do if you want to ride GW. Watch the consolidation range and play the side that breaks. By the direction of crude oil futures I can think of only one direction for this break, but I won't say. It is a crazy market so take it one day at the time, and when it makes its move you make yours.
Good luck.
|
|
Registered User
Joined: 12/2/2004
Posts: 1,775
|
Tom, nice points, thanks. I have held a small position for several days now and will add on a hopeful breakout (above 8, increased volume). If it breaks down big, well, I certainly won't add:) Seriously, that's my style...I try to find stocks that have uptrended then gone into sideways mode, buy a small piece with intention of adding later. sure, sometimes I'm wrong and I take a hit when stock reverses, but my philosophy is that I'm just as likely to be right, and when it breaks favorably I'm already got a big jump on those who will then chase it higher. Wrong, and my small (very small) initial position doesn't sting too badly.
BigB, points well taken, thank you sir.
|
|
Registered User
Joined: 12/2/2004
Posts: 1,775
|
Ouch. But I am glad that I didn't give in and committ grave errors of past, i.e. pulling my stops. Got out yesterday at 7.37 for .24 loss but probably should have seen hand writing on wall two days ago and gotten out little earlier. Seems to have found old support today and bounced from it (march, april, may highs), so maybe worth another try at some point. But definitely on the back burner, would rather concentrate on fresh plays for now.
|
|
Registered User
Joined: 12/2/2004
Posts: 37
|
As mentioned earlier, GW was losing support. So, a decline might have been expected. Today's plunge might be a "Cramer Crash" since he slammed GW on his show yesterday. He said it was time to take profits and run. 32 of 42 of the O&G drillers/explorers were down today. With GW posting the 7th largest % drop, and with volume today up 50% over previous week's trading. Yes, ouch (for today).
|
|
Registered User
Joined: 10/7/2004
Posts: 2,126
|
Well when it breaks, it breaks. One observation to attach here.
GW has been bumping off the 200 MA like a rabbit in the woods.
I doubt this time will be any different, but watch and click.
good luck.
|
|
Registered User
Joined: 12/2/2004
Posts: 1,775
|
Good observation BigB, thanks. Speaking of looking for fresh plays, one I'm watching is CVO...check out that 5 mo. base. Would like to buy a small piece near 8...definitely so or add-on with a break above 9.
|
|
Registered User
Joined: 10/7/2004
Posts: 2,126
|
Petry I brough up CVO a while back. YOu can check my postings.
It had them upside potential and it has been holding that huge gap back in Apr very well.
One thing is that Paper and Paper products sector hasn't been doing that great the last few months. I have no idea what is going on. You know I go by the day so if it doesn't move I jump to something else. Your observations are good. It may have some play potential at your entry points.
good luck.
|
|
|
Guest-1 |