For this trade I am getting the BIG picture from the MONTHLY chart. I don't expect this one to absolutely FLY up, but I
believe it has the potential to put on some impressive gains in the medium to long term. As illustrated, the stock has squeezed
out of a long term downtrend assisted by some nice increasing volume which suggests confident buying.
I entered this trade on 3rd July 2003 @ 18.5c with a long term view, however if I can see any opportunities for short swing trades
along the way, I will attempt to trade them. I expect them to run into a bit of selling pressure at around the March 2000 highs
of about 65c, so that will be the initial target unless I can see a short term swing trade on the daily chart between here and there.
DISCLAIMER: These are my thoughts only and NOT advice as I am NOT a licensed advisor.
Please consult your stock broker for advice.
On a daily chart (below) we can see a resistance level @ around 26c, so i will take first profits @ 25.5c and hopefully they will
pull back a bit to allow me to re-enter the trade at around 20c. This is an aggressive trading pattern and not suitable for everyone.
I would be just as happy to hold this stock for the long term, but I like to take profits and re-enter, although it does'nt always
work out that way :o(
Update 5th August 2003: first target hit today, 38% gain in aprox 1 month. I hope the stock will pull back to the initial break
level of 22c (as illustrated) to allow me to re-enter the trade.