Doug, I could be wrong, but if you "play the averages" like a baseball manager, then one would guess that we will need another run or two at the $20/level before we break over that 50-day moving average line..
Our last shot at the $20 level, CHIPHUNTER correctly predicted that we would "roll over"- we did quite rapidly,as the price apeared to get alittle ahead of the chart technicals, and technicians like CHIP sold. If we follow a "standard pattern" (if there were such a thing!) , then we will flirt with $20/share level, maybe rise a little higher, and the fall back more gradually below $20/share again.
But remember also that the price "channel" is moving upward itself. I adjusted CREAF's support level in my mind upward from about $16.50/share now to $16.88/share. So now in my mind $17/share would be a "bargain" for CREAF barring any unexpected fundamental changes in business....
Long on CREAF.
Sincerely,
Doug F.
PS. If you guys like a cheap small cap tech stock that has no Asian exposure, check out SECX. Due to an IPO last summer where it sold shares @ $18/share, the stock, now @ $11.50 share the IPO inadvertently upped its book value to about $10.21/share one person on the SECX Thread figured out, or only about 10% below stock price on a good growth stock consistently reflecting decent earnings.... |
