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Elan Corporation, plc Message Board

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  • reallynolie reallynolie Apr 6, 2004 3:02 PM Flag

    The reversal

    I guess he likes to buy high and sell low? If he really thinks like that than he would make a good short.

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    • Please done misinterpret this as a bash or anything. I am just speculating, based on the charts, and not fundamentals...purely technical, that the stock may have put in a trading top.

      When a stock is in an extended uptrend, then has a big gap up, it often sets up a trend reversal as the shorts finally throw in the towel with the big opening gap. Also all the longs who want to enter are saying...."just get me in already, I dont want to miss the boat" which is why the stock gaps up. After that the buyers are few and little selling takes the stock down.

      Just my view. Not meant as a bash. If you don't remember I was long on this stock as a recommendation of swingtrades.com last week where I rode the stock up nearly 2 points.

      I like this board, and am willing to share what I know, or think I know. TIFWIW, although it may not mean much to anyone.

 

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