CGF - Chellenger Financial Services
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     hershy
Member
Username: hershy
Post Number: 2247
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Saturday, April 11, 2009 - 08:57 am: |  
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Weekly chart shows price action moving above 17 month old trend line. Last 3 bars show a very bullish breakout with a retest that signifies profit but continued accumulation. Highest level of accumulation since February 08. With a move from a low of .865 cents to a high of $1.745 in 4 weeks profit taking is no surprise in fact the opposite would be the surprise. Short term bias on this chart is to the upside with resistance evident at the $2.00 level.
A daily chart shows 4 waves of a likely 5 wave move. A text book Wave 3 is 1.66 times the size of wave 1 and wave 4 is a couple of cents shy of being the same size as wave 1. That places the action right in the middle of wave 5 which presents a target at around $2. From Friday's close at $1.70 that's only a 17.65% gain but keep in mind that for the first time in 7 months the price action would be occurring above the 10, 30 and 150 moving averages. My target for this trade is $2.60; around the 200 day ma with $3.00 a possibility.
A move down however is always a possibility though so a stop loss is mandatory. For me that would be around $1.30 just below the still open gap of March 19. A cautious buyer could enter only after -and if, the gap got closed.
I do it doji style !
http://members.optusnet.com.au/~hershy/
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qed
Member
Username: qed
Post Number: 114
Registered: 01-2006Rating: N/A
Votes: 0
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| | Monday, April 13, 2009 - 03:27 pm: |
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hershy hi , agree ,I hold , and I see divergence feb9th >mar9th also , on ur slow stoch as well ..cheers Qed
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