I just finished doing my charting on aagh....first of all....grrrr, I should have trusted the .20 first call last week and jumped in then, then I could have chanced the .30 break today....anyway....I hope others did jump in.
Next. I had to wait for how the market reacted to that news release over the weekend. My comments were meant for discussion and were not to bash which I found upsetting.
Anyway....that's all behind us now.
Even today I couldn't get a feel for where the market was going to take that...and I'm sure some were wondering too when she didn't just take off on that morning news.
I was trading others this am, so it was in my favour anyway.
Ok, re: the pullback question.
.39 - .41 should be a hard one to crack because you basically have to go back to the three year chart to get anything higher than that.
I suspect as I always say that it will take 2 to 3 times to crack that resistance, and from what I can see, the stock should pullback after attempts at that to the .32 area.
Now on that note, all this trading stuff you guys were complaining about, gave the stock room to move again and with the rsi at 72.79 now, this is allowed to push it into the 90 area, but just barely, so that is a number I will watch closely for my out and then my buyback.
For those that are long and don't trade stocks, I wouldn't worry anyway on the pullback unless you wish to add to your positions. The only reason why this will not break through that .41 lets call it would be for some terrible news from the Chinese government....but then we'd all lose.
Today's release was very impressive and it sounds basically like a ad auction to get a spot on this series.
If that is so, then this Mak guy is a brilliant saleman and has just made everyone holding this stock friggin rich if he pulls it all off.
It's all good from what I can see chartwise and fundamentally wise now, and there is no "doubt" in the market.
As per the gap tomorrow am, ... of course there will be a gap, but be careful there. If she gaps .36 or .37, that is already pretty close to the immediate top and it would be wise to wait for the pullback.
Remember, TA is 70% right, so that means there is a 30% chance that I am wrong.
Happy Trading all.
MS
ps. Update: I'm just looking at dalcindo's chart. Very nice and puts a nice picture of what I just said. Nice to have another TA on board to confirm.
Looks like we have the very same immediate target.
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