You said: <At this point I just don't see a great long trade here based on TA. IMO we need to close over 160 for a few days to reestablish the near term uptrend. If/when that happens I'll be buying more.>
First, let me make it clear that I do not pretend to be an experienced chartist with access to high-level TA software. My analysis is simplistic (admittedly), but you asked.....
I look at chart and see GNET trading near bottom of Bollinger band (using 20 days), with MACD looking like it is in early stages of forming a buy signal. Over the last two cycle of Net stock surges, this has proven to be an early sign of a recovery. Of course, you have to believe that there is going to be another Net surge, and I do, for multiple reasons.
I actually bought early- the more patient investor would wait for stock to drift into mid to upper 120's, but my time frame is weeks/months, and this was close enough to (hypothesized) bottom for me.
There are, of course, numerous stocks that fit these simplistic criteria, but the fundamentals of GNET made it rise to the top for me, and made it a buy.
My crystal ball is imperfect, but I think that 25-40% return is possible over 3-5 month period, and that is more than enough for me. |
