Charlie Anderson's  Instablog

Charlie Anderson
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I am currently a student. I use a mix of technical and fundamental analysis to arrive at investing prospects and then do in-depth analysis.
  • Stock Picks, 4-14 0 comments
    Apr 14, 2010 6:42 PM | about stocks: POT, ONP, TRLG, CEAI

          Today I lost a little bit of money, however I'm not worried. ONP went down and knocked off most of yesterday's gains, but it fell back to support that it broke through [it was before yesterday resistance] yesterday. This confirms the new support level and is not something to worry about. I keep my stop order placed so I don't lose too much, and I sleep easy. I'm putting my stop right below the support level at 9. The current uptrend looks completely healthy.

         POT gapped down today. It fell a little over two percent. However it showed positive net volume on the hourly chart and went up in afternoon trading to recover early losses forming a hammer candlestick formation. It appears that it has formed a new bottom and should go up tomorrow. Also, the gap down could represent an exhaustion gap. We will look for the breakaway gap tomorrow to confirm that the price has put in a bottom.

         TRLG was up over 7% today. However it did not break multi-month resistance at 31.18. If it breaks that resistance, I will probably enter a position, however I'll wait for that. CEU came to the conclusion of it's 2-week symmetrical triangle formation today, but did not break in either direction, I'll watch that too and may enter a position if it shows signs of the start of a new uptrend.

    Disclosure: Long ONP & POT

    Stocks: POT, ONP, TRLG, CEAI
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