Biggest Rally to come this week and HK stockpick
Posted by Book Eater
Been quite a long time since I last posted here. Sorry, been quite busy these few days. Anyway, I posted the snapshot of the map of last Friday's US market action because its so green! It's such a great inspiration. What I like most about what happened in the US markets is that DOW finally crossed over the 12800 resistance. So this time, any pullback is a good correction to accumulate. If you have shares, be greedy enough to sell them at about 5% this week, above last friday's close (for certain volatile stocks such as say MEG.)
My HK pick right now is just a quick brush 267 and from technicals alone. What I noticed with 267 HK or citic pacific is that it tested the level of 31.30 for three times already and succesfully bounced from there. Since the US markets traded very well last Friday, I'm hoping that 267 HK will make a retest of the low and make a good bounce these few days.
My preferred entry is really to be as close as possible to the support of 31.30, to cut below its previous low on perhaps 29.15, (the very long red line last Aug 27,2008.) with a target price of 35. I'm making the position size as small as possible so that I can know the whole move of the stock without getting lots of shakeouts.
Disclosures:
Holding 17HK@18.06 and 202HK@.089 and .090
Bye:)
Happy trading!
-Nix