Sold at 1.45. The press release plus the run upon NASDAQ
barely moved the price. I've been busy and not paying
attention which is not a good thing to do given the
present market. However, had some time today and looked
at the chart. Glad I got out at 1.45. There was a double
top at 2.20, then a double top at just over 1.80. If
I'd been paying attention, I'd have been out on either
of those. There is support at 1.40, however, the price
has sharply broken through the support line twice recently.
The highs are lower and the lows are lower. The price
appears to be in a slightly expanding channel to the
downside. My major concern with the chart is that there
is no support for the price after 1.40 until 80 cents,
next stop 60. Ifthe price stays in the channel, the
next top would be around 1.70 but that would depend on
how soon the next run up takes place. OBV is holding up
relatively well so that is positive. Still, after reading
the messages on BullBoards about the size of the
contracts and the delays I'm going to wait to buy
back in. Everyone is cheering because the market shot
back up over two days; however, the downtrend is in
place and the fall is likely to be in stages with
drops, then rallies that draw buyers back in, make them
feel confident that everything will be all right.
Been there, done that. Now when things start to go wrong,
I get out and wait.
Could be wrong, of course. Wouldn't be the first time.
As someone said on Bullboards "If you can'tstand the
heat, get out of the kitchen." That's me. I'm sitting
on the front porch with a mint julip in hand. Leave
someone else to do the cooking. |
