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24-Feb-08
If you look at the weekly chart in particular, you'll see an almost perfect double bottom that has been traced out over the last 6 months. On Friday, 2/22, the mid-point of this was taken out, on good volume. I already own this, based on my system signal 2/12, but will be adding onto this position on the open 2/25. When patterns are this good, it always makes me wonder if this isn't a sucker play (my short sale of a textbook perfect confirmation of a Head and Shoulders top in Soybean Oil years ago set me back a year). Then again, looking at what's happening with other energy plays (solar, crude, coal), this is the only one I'm seeing that hasn't already made its move. I think its turn has come. if I'm wrong, I'm going to lose a small amount. My current stop is at 38.18.
Tagged Stocks: UNG
Posted at 10:10 in Watchlist Ideas | Permalink | Comments () | Top
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