Gap Fill Potential
Jul 31, 2012 5.21
Jul 30, 2012 5.39
Jul 27, 2012 10.80
Close over $4.72 may be big
NO CLUE what will happen. Not predicting a thing (never will)....
But a move thru $5.73 COULD be a major launch point.
First of all...there is NO FULL proof way to time buys.
A great mantra by Jeff Saut in the last 70 seconds of this video on philiosophy...
From 2:50 to the end...
Sums it up really...
What will be your strategy? I'm contemplating on adding more but the sharp charts showing severly overbought condition. Any advice on how to time your buys?
Relatively speaking...most likely nobody in the trader universe out there owns this at a cost basis above $5.20-$5.40 +/-.
Logically speaking...anybody who BOUGHT in at the late July gap at around $5.25 to $5.50 was already shaken out during the fall drop.
When and if it gets thru $5.20's and $5.30's...
Chart slight resistance $5.35'ish +/-
...otherwise...$6.50 in a hurry?
The P&F $7.75 target may be beckoning.