Allstocks.com's Bulletin Board: I got SQNM at $2.99 is that a good choice?

This is topic I got SQNM at $2.99 is that a good choice? in forum Swing Traders at Allstocks.com's Bulletin Board.

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Posted by coolnwo on :

???

Posted by Bartle on :

I guess it depends what the purchase was based on and how long you want to hold it.

I'm assuming (I know, I know) that you are a swing trader and as such are interested in the next 3-7 days.

In that time frame, I have several concerns.

1. I don't see any recent news that would trigger an upswing.

2. Eyeballing the chart (call me low-tech but I always like to do this) makes me think there isn't too much more in store for this stock than a pull back to the 20-day moving average around 3.15 maybe. This is best case and the stock could, instead, continue it's decline.

3. Looking at resistance and support, I see weak support at 2.98, 2.87, 2.8, and 2.75. Directly above, I see weak resistance at 3.03 and strong resistance at 3.35.

This is my opinion based on knowing nothing of your decision to buy. Of course you may know or see something I don't. In the end, I hope I'm wrong and this thing shoots through the roof for you.

Good luck on all your trades!

Posted by newLeaf on :

nows as good as time to get in this stock in mind.. cant go wrong with getting in at that price

Posted by Bartle on :

Here comes the correction to the 20-day moving average. What do you need to sell at to at least break even?