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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: mred1998 who wrote (41246)	4/1/2005 9:57:42 PM
From: chowder	Respond to of 206209

>>> OIH, we haven't quite gotten above March 22's high. Is that the high we need to surpass or does jumping over yesterday's high suffice to give the all clear to go long? <<< It depended on the time frame in which you decided to trade. If you are looking longer term, 6 months or more, it is usually best to wait for the break out to new highs, to insure that the uptrend can be re-established. I am looking short term, 2-5 days, and in that situation, I like to buy as price moves above resistance. The reason for that is that I will set my stop above the old resistance point which will now serve as support. As an example, here is my analysis on BHI. It was one of my picks before the market opened. -------------------------------------------------------- BHI had a nice bounce off the 200 day moving average. Yesterday the price gapped up at the open and was able to build on the opening price. Volume the last two days has been above average. The price ran into the 50 day moving average where it pulled back slightly. MACD turned positive yesterday and if the price can trade up above the 50 dma today, I think the price will continue higher and the technicals will grow stronger. stockcharts.com[h,a]daclyiay[d20050101,20050401][pb50!b200!f][vc6... Entry target $45.00. Price target $47.50. Initial stop loss $43.70. Message 21188929 ------------------------------------------------------------- So, I was able to catch the price movement and show an immediate profit. It's these type of price movements I try to capture in the short term. We saw a lot of these energy stocks gap up at the open again today. I'm not sure I like that, not two days in a row. Some of these stocks look like they may want to pull back some. I will be raising my stops on Monday if I see where the sector is showing weakness. dabum