- 4 October 2012
Just picked this stock up hoping it can get out of its down trend.
Couldn't resist replying to this as it perfectly illustrates my particular method of analysis of how stocks on the ASX move. See notes on chart.
Personally, I would wait for more sideways action (weeks to months) and then maybe buy with a break above $6.00 (depending on price and volume action at the time).
P.S. I'm not sure whether this purchase was part a defined strategy whether it be fundamental and/or technical based, but when I see the word 'hope' and nothing else it implies no strategy, just guesswork and that can be a recipe for disaster.
with the break above 4.50 would you say the weekly down trend has been broken? We've had a higher low and now a higher high.
I've been watching this stock, basically as a yield play but I wanted some support before entering. It is starting to look a lot better.