I agree. I let big profits in DGN get away from me. I exited my SQNT position a few months ago, but have been looking for a reentry point. I was almost a believer, until today. Now it's back to wait-n-see, since we may see $15 again.
Anyway, here is a potion of Monday's Worden report, which did not reflect today's activity:
TIPS & HINTS (Monday January 5, 4:00 P.M., ET)
If you check Sequent Computer on a daily chart, you will find a 2-month "W" base has formed and that the lows are being tested. If you switch to a weekly chart, you will find an uptrend dating from the middle of 1996 still intact. You will find that the price has retreated to the trendline depicting that uptrend. In either case the price pattern is constructive. And in either case you will find a constructive BOP pattern underlying.
The rub is that the price must hold in this area or the pattern, whether short-term or longer-term, will be shattered. On the other hand, a successful stand here could lead to substantial profits. The risk-reward ratio seems rather favorable in our view. |
