DRWI - RE: "I played it from lower 1.20's to lower 1.40's." - this must have been just last month Dec 2013. I would have exited on 12.10.2013 @$1.53 from $1.20-$1.21 entry position (which locked profit 25-27%). Then of course come back (re-enter) @$1.30 (closing price on 12.13.2013) then hold it for another 2/weeks (depending on news/updates etc). Anyways...
Currently DRWI @$1.64, at resistance, $1.62 plus/minus $0.07. I doubt we will ever see $1.40's again. I would trigger BUY signal @$1.62 (reflecting to your "with some resistance at $1.60").
$1.62 ----> $1.75 (1st target)(8% profit HOLD this position for a bit) see if it holds, then -------> $1.87 (2nd target). So far you are at 15.4% profit at hold look at (SMA20 17.14% performance). These price movements/targets could be anywhere between 1-2 weeks IMO.
Here is how I determine my EXIT.. RALLIES/PULLBACKS (News/Events/Etc) like "DragonWave Announces Increased and Extended Credit Facilities" Typical Rally: 24.4% (0.4 pts) stock price move occurs 25% of the time. Extreme Rally: 31.1% (0.51 pts) stock price move occurs 5% of the time. EXIT @$2.20 -$2.35 (reflecting to your "lower 2's, then gap to 2.3 perhaps."
Overall I would hold and EXIT when I see 25% gain, then check how close DWRI is to $3.58 before re-entry. If DWRI's Monthly Perf. average is 16.31% (within this window you can get your 25% gain) -Basically Monthly Play IMO. Let's watch this together.
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