[ Summit Technology: BEAM (EDITED) ]
Skane,
Good to hear from you.
I suggest you move to protect your profits if you find the price on BEAM continuing to rise. Your expansion upon the trade breakout was a stroke of genius. Mmm mmm mmm.
However, at this time, a majority of the gains on a PRICE/TIME basis has likely been exhausted. This little stock definitely has punch, but it will encounter trouble at $10, and definitely much more at $12. The price has broken some technical barriers that suggest the possibility of a future trading range being established between $7.50 and $10.00, assuming volume and demand show considerable slack on the following trading day.
At this point, BEAM is different from VISX in that VISX had no overhead resistance to eat through as it saw FDA approval of its products. All it had was blue sky to reach, and as you can see, that can make all the difference in price behavior. Unfortunately, that is not the case for BEAM.
There have been only 5 or 6 times this DECADE that BEAM has experienced such strength on a short term basis. In each case, demand slackened considerably after the move, and a new trading range was established at levels considerably lower than the trigger points I mentioned.
Good luck. I hope this adds some perspective in your decision-making.
Regards,
Rainier
PS. I don't believe there will be a repeat of a post like this in the near future given current time constraints. I'm working to try and change that. Thanks for the continued patience. |
