Shankapotamus' Playpen

[Chart Addict]

OMVE

In message # 2161, I plotted a channel, with resistance then projected ay being in the area of $0.20. I also said that “a tug of war may be about to ensue between the bulls and the bears. This may result in a pullback or stalling along the way to your targets.”

This is the chart that I'd posted in that message.



Sure enough, the stock hit a high of $0.188 before pulling back, as anticipated. This is how it looks on today's daily chart.



At this point, I'd refine the projection to between $0.20 - $0.188 as being the breakout point out of the channel. I'd wait for this pullback to do its thing, and wait for a solid close above the now obvious resistance point in anticipation of a charge toward testing the obvious resistance at the 200 DMA, while bearing also in mind the resistance points on the weekly chart.

Stay on top of the news if you're playing a stock at this level for more than a couple of days. All it takes is one ill-timed press release with bad news to derail the setup.