Wednesday, May 18, 2011 6:02:23 PM
-I love pretty much everything about this setup, from the long term looks to it to the short term bullishness and today’s volume. I know the big line in the sand is up closer to $2.80, but this $2.50 range looks like something to pay attention to as well. It’s the highest close in the past few weeks, and my thinking is you have to jump over short term strength on a setup like this, because in many cases the momentum will pickup and carry through past the ultimate top ($2.80), and then you’re riding out the breakout with a killer entry point. It doesn’t always work out like that obviously, but that’s what I’m shooting for.
-Another option is to play this lower breakout and take some profits into the overhead $2.80 resistance. If it stalls and falls, then you still locked something in, but if it breaks you’re still riding out the rest of your position. It’s a bit more conservative, but I like that route.
http://onlycharts.com/2011/05/18/ned-pulled-back-consolidated-since-its-recent-move-testing-resistance/
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