Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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To: mph who wrote (632)	11/30/2004 3:12:01 PM
From: chowder	Read Replies (3) of 13449

Welcome aboard MPH. You would have to remind me of CPN. I bought at $2.35 and sold in the $2.60 range when it didn't look like it was going to reach the 50 dma. Then I did the worst thing one could do. I ignored the buy signals as the price jumped above the 50 dma. CPN was my biggest mistake in November even though it was profitable. Buying back a stock you just sold is one of the toughest things to overcome and one I will have to work on. CPN is coming up on price resistance at $4.06. I would expect some profit taking to come in there. I would hope so anyway. From a technical point of view, it will form a cup pattern and I would like to see a pull back to form the handle part of the pattern. If in CPN, you stay in. If looking to get in, it's too late or too soon, depending on your point of view. We need to see how it responds to price support at $4.06 first. Breakout or pull back? We don't know yet but we do know it happens at that price level. stockcharts.com[h,a]daclyiay[d20040630,20041130][pd10,1!b50!f][vc60][iut!Lah10,30,5!Lc20]&pref=G dabum

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