I think the lack of momentum in either direction is CCME's biggest problem. The stock has mentally worn out both the bulls and the bears. There have been so many false breakouts and breakdowns over the past nine months that neither side has made any money on the stock (except the early TMI warrant holders) and that could lead many to throw in the towel.
I believe that the odds are increasing that we'll get a sharp down move in the stock (below $10) in the near future to flush out the weak hands. As odd as it sounds I think that could end up being a positive since I think the stock would then likely rally on heavy volume soon after this occurred. That could in turn attract momentum players who want to see conviction (volume) before chasing a move.
The bottom line is that momentum players are the ones that fuel major stock runs, and they want stocks the move. We've had nine months of China Media Chopfest. We need a breakout on over 3 million shares to get a sustained rally.
And since i'm definitely not a technical/momentum trader, I'd heartily say they are all wrong! (laugh).
All joking aside, we each have our beliefs on how to invest. Many such systems work well to make money... I doubt much of what I say will be useful to someone who does not believe in fundamental analysis or value investing though, since I am firmly in that camp.
I *hate* buying more shares as a stock shows strong upward momentum personally. I force myself to do it sometimes but am rarely happy with those buys (heh).
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