I'm not a chartologist, but I have made a lot of money in EJ since getting in around $8 last year... This was the only stock that I consistently traded in and out of because the chart since last March was so easy to follow with higher highs and higher lows each week. I sold out on every big breakout day and then bought back a few days later at a cheaper price which helped me to a gain of over 400%. Once that trend broke, I got out (Oct. 19th @ $22.18) and have remained on the sidelines until today. I think we could see a setup right now in the chart that could see performance similar to what we saw beginning in last March (which would be phenomenal). I bought today at $18.15... If my theory is wrong or they have a bad earnings report next week... I think the downside will not be substantial with support at $17 and even greater support at $16. I think this week starts the trend up to $30 which is my price target for this undervalued stock by year end. I expect resistance at 20, 22, and of course 24. If we break through the 52 week high I think we could see $30 in a hurry. Good luck to all of you...
Looking for a pullback to $20 (maybe high $19s) tomorrow. I bought some more today at $20.45 and will be buying a lot tomorrow and possibly Monday if it is still under $20.50. I expect to see $22 next week... Hope everyone is ready for our ride to $30!
What bad news. All major real estate stocks in Hang Seng Exchange are up after Wen's state of union address.
If you're short this stock, now is time to cover.
It recently hit a double-bottom reversal at $16/sh. Also, it just broke the reverse head&shoulders neckline when it spiked from $17.5 to $18.58 on relatively higher volume. To cap it all, its recently crossed both EMA of 65-days and 200-days!
Ok. Thats my story.
Time will tell... Fortunately, EJ does not depend on increasing real estate valuations in order to increase company revenue or earnings. Its more of a market share and population growth story. Perhaps, we will get more color on EJ's outlook next week during the CC. JMHO.