Wednesday, April 28, 2010

TLR - Updated Chart

Well, the little pause in volume at which I sold my half position turned out to be a good choice in that I did not simply exit the entire thing.  This whole setup was a pennant/flag continuation pattern which to me screamed to break to the upside.  However, it very well could have bounced from this point and waited longer to breakout.  I don't mind locking in profits when I did, especially on the order of a few hundred, so I can't complain, but the stock took off up to $1.33 and closed pretty much at the high of the day.  Here is the updated chart.


So to reiterate the rational, the green solid line was support and the red overhead was the resistance trends of the pennant I had drawn up.  The horizontal black dash lines were additional areas I deemed support.  My entry was when the two touched together at $1.05.

The next area of resistance I can see is actually where we are sitting right now in the $1.31-$1.34 area.  I'm going to give it a little room, but seeing as we are now also outside the upper bollinger band that typically is not sustainable.  The past large moves seem to indicate that a slight pullback may be in order.  I'll give it a chance to gap up tomorrow and run a little further, but I plan to have a short leash on this tomorrow.  I am hoping for another solid green candle at which point I'd probably cut my risk and get out.  I won't have access to the markets except on my phone tomorrow so, I might toss in either a stop-loss or trailing-stop on this guy.

URZ

Pretty quiet, holding on pretty good to this $1.71 support I pegged initially.  Why didn't I just wait until support?  

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