MBL - Maquarie Bank
24-3-06 MBL is looking
long to me...... see attached chart:
convergence hilighted in blue with accumulative volume which is dropping - indicating sellers are just about done.
A break from the pink pennant should see the breaks released IMO.
I'm in from $61.50, stops on close below the pink base, first target probably around the red downline - potentially even a close of the gap to $68.38
Update 28/3/06: Whoops !
just got out @ resistance (yellow) and its crashed straight thru, was hoping it would retrace off that to provide another entry...... still might turn out to be a false break above resistance - at least in the short term.
Out @ Average $64.40 - some @ $64.60 & some a little lower.
Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.
update 3/4/06: Back in today @ $64.67....
Update 4/4/06: At resistance... sold half @ $66.48, well let the other half ride because it could easily gap above resistance tomorrow. Then again, it could retrace a bit before having a real crack at breaking ternd. either way, i'm covered ;-).
Update: 5/4/06, Price opened virtually flat, then gathered strength. After selling half my position yesterday @ $66.50, I set the re-entry trigger at a break of yesterdays High, which was $66.60. I've re-entered the half i sold @ $66.62. Next target $68 - $68.40 depending on how strong it looks at the time. That might not sound like much percentage gain, but when using CFD's you get 20 to 1 leverage. EG: 1,000 shares would normally cost you $66,620 if you bought at my price, right? with CFD's you only pay 5% of that for margin. so thats $3,331 for this trade, if it moves up a dollar you make $1,000, right? ($1 profit x 1,000 cfd's). $1,000 profit on $3,331 investment aint so bad, is it?
Update: 6th April. Target hit on open today, i'm out @ $68.40. Now hoping for the scenario below.