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Technology Stocks : Point West Capital (PWCC)
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To: michael korizno who wrote (323)4/15/1999 6:35:00 AM
From: Topannuity  Read Replies (1) of 345
 
PWCC definitely was a TJ (TokyoJoe/TokyoMex) pick this week. I am a subscriber to his channel. I happened to have bot PWCC several weeks ago before TJs call. I'm in from ~16. TJ mentioned PWCC ~23-24. Most channel members bot all the way up to 27. It ran to 30 and then it collapsed. Next day he called PWCC a dog and said it was scam stock. I'm sure many in his channel got hurt. Some are still asking for ideas on PWCC. So I assume they are still holding from much higher prices than 16.

I'm a technically-oriented trader. I'm holding from a lower price. I interpret the daily chart as showing a very bullish flag formation. Flagpole is the first leg move from 2 to 24. Flag is retracement from 24 to 9 1/2. Breakout area is ~16-17. This week we broke out, made higher high than 24 and have retraced back to breakout point. If we hold this level and start up again, my minimum flag formation-derived objective is distance 22 (i.e., original 24-2) added to 9 1/2, which is 31 1/2 or so. I think we may easily OVERSHOOT that target if there is enough hype.

I would be concerned if PWCC moved back down to 9 1/2. Then we have a head and shoulder formation developing. ONLY THEN would I get out on a retracement towards 16, and consider this trade a bust.
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