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iGo, Inc. Message Board

  • davidscott01040 davidscott01040 Aug 24, 2004 6:02 PM Flag

    Hey Skeeve

    Man you really are trying to make something out of MOBE on the down side, when it is in an upside swing.
    If you day trade I am with you the next few days will linger up and down, so a short position may not be bad. But if you can wait a month on the long side you will sell at $8 - $9 range, then go short when ADX crosses and goes below average line.

    PS what ever happend too the $3.50 price range?

    Later

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    • Long term I am still looking for a re-test of the $3.75 support. Stocks don't drop that far without reversal's. I took profit and covered my position on 8-12-04. I covered after MOBE seemed to have resitance to going back under $6.00. Even though it looked like it might reverse and fill back up to form the first cup to $7.45, I didn't have the confidence in MOBE to go long without a double bottom. I shorted yesterday because I don't think it has the strength to fill the bigger cup (to $9.00) without first re-testing support (at $6.30). If it forms a double bottom at $6.30 and reverses I will cover again and may look to go long for a while if the overall market shows some strength. If it does not form a double bottom to boost up and break the pattern then the over-all trend of MOBE is still to the down-side and if one looks at the charts there really is very little support to $3.75. As always, I will use protective stops and take a small loss (and wait for another entry point) if I am wrong. Good luck on your trades!!!

 
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