TAH - Tabcorp
Potential "Mickey" setup.
Have had my eye on this one for a little while, after I noticed the bullish divergence on the RSI. Now the recent downtrend has now been broken, MACD fast has crossed slow, plus the volume pattern looks bullish. Volume increased before price stopped falling, price then moved sideways in a mini consolidation phase. Volume then returned to normal, suggesting sellers are thinning out, and now buyers have regained control and pushed price back through the trendline.
So, i'm reasonably confident that we should see a bullish move in the stock, now all i have to do is find the entry. this is where the "mickey" setup comes into place. You'll find more detail on this setup by clicking HERE. In this case, the trigger was a close above the high of 1/11/05, which happened yesterday. So now the plan says to place a buy order at the high of that trigger day and wait to get filled.. I usually go in a point or two above the trigger, nothing worse than missing a trade by a couple of points.. Stoploss will be a close below $15.75. First target around $16.55, further POTENTIAL targets of $16.88, $17.30 and $17.90.
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: 28/11/05. Well, the buy order was hit, however i had given up on the trade as i felt it would not execute. So, when i recieved notification that my buy order was hit, i knew something must have happened to cause price to fall so dramatically. I checked the ASX company announcements page, and noticed that their profit forecast had been downgraded. I then decided, right, better get out as soon as possible, in situations like these you need to make it mechanical, no emotion involved. I was lucky enough to catch a quick bounce and get off @ $15.98, a 2c loss. No major damage done. Trade closed, and i have no interest in TAH in the short term while there's such significant news surrounding it.
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.