Short term/long term
well, the kind of volatile price movement is what we can expect to see in daily action. and its impossible to pinpoint clear targets, because these moves, as you know, can move 1 or 2 dollars at a time, in both directions.
and zig zag from day to day.
So all I am doing is setting stink bids, around target points in a bottom zone, from 13.50-11.50 and all points in between. Today my stink bid at 13.10 got partially filled.
Its lucky to hit bulls eyes. but you have to place a bid somewhere. My own next bids are in the 12.50-12.00 zone.
I cant expect to see another plunge, but I am planning for it. My last bids got hit a few days ago at 13 and 12.70, so I don't need to buy more there.
The classic support zone (from the left shoulder area) is 13-12.50 area
but it would be possible to see this volatile price action plunge down to 12, or 11.60 area again. Impossible to predict, but I'm keeping some dry powder to buy the lowest plunge with my eyes on 11 dollars as possible.
And its Equally possible to see price hold at 13 now, and go soaring to 17 again, and stay above 15 just as easily.
So if I see a buy zone at the bottoms.(11-13)
a top zone to do nothing , (or trim some profits?) (18-22?)
and a middle zone to do nothing (14-17 area?)
then mostly,I will wait to see if we get another plunge into the bottom zones...today was such a plunge to buy some
and accumulate more until I have a full position.
but my own next buy wont be until it drops below 13.
The technical chart says stay tuned for one more drop into the 12's.
but
Anything can happen.
but my choice to buy or wait is based on my own portfolio , and how much I already own, and what price I paid, etc.... your needs may be different.
I see 13 and lower as a buy zone. but understand that price can move a dollar or more at a time. to lower and higher targets.
IF GALT is the fundamentally great company that we think it is, then we will have to send AF a thank you card some day.
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