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Saturday, January 21, 2012 4:19:41 PM
Man, G, congrats for a good find there.
Since it has been so long that the stock has been at these levels, I have some questions on the support/resistance levels. Most importantly, I'm sure you know that OTC stocks move much stronger on news than many of the large caps do.
Looks to me that it is a strong level at the .80-.83 area, so you may expect a pullback then. Usually the 3rd wave is the strongest, so the next couple may not be as strong. However, keep your eye on the news, if another strong PR came out, it may continue to soar.
Like you said, keep an eye on the volume MON/TUE in case the selling begins. The candle shows that some selling took place on WED, but still opened strong on THU.
Personally, I have wasted more gains by holding too long than I have by selling too early. You have to trade it as you see it, but if there is not strong news I would be selling around .80 to .83, myself. If you look at the large uptrend last summer, the volume wasn't nearly as consistently strong as it was this time - so that is an indication that it may be on an uptrend and be a good swing candidate.
Obviously, you don't need to say how much you bought, but $1,000 around .40 would be 2500 shares. Sell at .83 and you have $2075. Buy back at .65 and you have 3192 shares. Sell them around .95 at the next level and you have $3032. Buy all back around .80 and you have 3790 shares. Sell them if it goes up to 1.10 and you can walk away with turning $1,000 into $4,169. Not bad at all. A good 66% fibonacci retracement may even act like a slingshot and send it just as strong.
Of course, I'm not predicting it will hit those levels, but if it moved on support with continued good news and revenues, it just may.
Tell us how it worked out - don't be afraid of 'blowing it' because you have already made at or over 100% and anyone here would be more than happy with that. If you are unsure - keep all of your original investment and just swing with the 'profit' - that way you are GUARANTEED that you won't lose money at all.
All The Best
Since it has been so long that the stock has been at these levels, I have some questions on the support/resistance levels. Most importantly, I'm sure you know that OTC stocks move much stronger on news than many of the large caps do.
Looks to me that it is a strong level at the .80-.83 area, so you may expect a pullback then. Usually the 3rd wave is the strongest, so the next couple may not be as strong. However, keep your eye on the news, if another strong PR came out, it may continue to soar.
Like you said, keep an eye on the volume MON/TUE in case the selling begins. The candle shows that some selling took place on WED, but still opened strong on THU.
Personally, I have wasted more gains by holding too long than I have by selling too early. You have to trade it as you see it, but if there is not strong news I would be selling around .80 to .83, myself. If you look at the large uptrend last summer, the volume wasn't nearly as consistently strong as it was this time - so that is an indication that it may be on an uptrend and be a good swing candidate.
Obviously, you don't need to say how much you bought, but $1,000 around .40 would be 2500 shares. Sell at .83 and you have $2075. Buy back at .65 and you have 3192 shares. Sell them around .95 at the next level and you have $3032. Buy all back around .80 and you have 3790 shares. Sell them if it goes up to 1.10 and you can walk away with turning $1,000 into $4,169. Not bad at all. A good 66% fibonacci retracement may even act like a slingshot and send it just as strong.
Of course, I'm not predicting it will hit those levels, but if it moved on support with continued good news and revenues, it just may.
Tell us how it worked out - don't be afraid of 'blowing it' because you have already made at or over 100% and anyone here would be more than happy with that. If you are unsure - keep all of your original investment and just swing with the 'profit' - that way you are GUARANTEED that you won't lose money at all.
All The Best
Be careful, most people get burned by penny stocks.
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