I sold out near the top and PAL is looking like it is rolling over today. Volume was fading Thursday and Friday after a spike on Wednesday and the traders are now scrambling to take their profits off the table. In my experience the region around $1.75 should offer support but it will be a sticky path down there and should take a week or maybe even 2 weeks.
Short term I see it retracing to the 1.88, maybe 1.90 level so if anyone is thinking of taking profits off the table now at 1.84 might have a few more cents left as new investors to PAL will see 1.85-1.90 as a bargain seen as it traded as high as 1.98 recently and will assume that it will continue to rally based on the chart (a fundamental trait I noticed is that people project up and down trends to go on forever when looking at a chart)
Long term; there is nothing wrong holding onto PAL for 1-3 years as a buy and hold, but there is a clear retracement due in my opinion and others agree as well and why lose out on a trading opportunity when it presents itself. Time is of the essence in trading.
Good for you Abehaus I congratulate you for the 35% profit!!☺☺
My only reserve is why sold out? but it is too late now. Hope you will be able to get back to PAL soon. You have been a good poster that I will miss...My thinking is that we may get 1.70/1.75 in a while?
I agree with not being totally sold out. Despite RSI etc which is a statistical measure, news could pop this stock substantially which of course TA can't predict. Whenever I sell out a position (for whatever reason) which I think still has potential I buy "stupid insurance" - slightly OTM calls. Then if it soars on good news I don't have to say "Stupid - why did you sell?"
I told you I dont have the cash to place multiple orders, the fees would eat me alive, I have to be right or if wrong I have swallow my losses. I will be around Blue, I am not looking to leave PAL or the message board for ever, once I spend time looking at a company I always try to get back in and I will try to reenter PAL a week or 2 weeks from now depending on what happens.
As I said sometimes you have to lose to win and always leave the last 10% of the temporary rally to others. I will be sitting on the sideline waiting to come back on the field, I just have this déjà vu feeling all over again from what happened with PAL when it had 3-4 days rally in a row from 0.65 to 1.03 also known as a pump and dump. PAL is a good company but when things get ahead of themselves you have to decide whether to hold through a bear phase or whether to take your chips off the table and I have left my chips on the table a few times too long hoping for a little bit more and I have learned that when the upside is getting smaller and smaller compared to the potential downside it is best to go with what your nipples tell you ;)
PS I also wont become a basher hehe, sell me your shares they are worthless ;)