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Author Topic: My christmas present to everyone
Jeremy
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Well, it took a while to find this one, but I think this will be a good quick play the next few days. The symmetrical triangle and in this case a pennant formation is not the most common. But as soon as this stock breaks the higher line of the triangle, it will (should) break out.

Target price is around 4.00 - 4.25.

Of course, this pattern isn't always correct, it is right over 80% of the time Look for a comfirmation when the price goes above the trendline and you should make out pretty good if this starts moving.


Posts: 1051 | From: Michigan | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
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Your chart is sure pretty. I'm not good at pennant formations, but the stock is in a general uptrend, so it has a good chance to go higher.
Posts: 217 | From: Texas | Registered: Jun 2003  |  IP: Logged | Report this post to a Moderator
MN Trader
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I'm watching and waiting. Almost broke thru today but came back - maybe monday.
Posts: 547 | From: Edina,MN USA | Registered: Feb 2003  |  IP: Logged | Report this post to a Moderator
Jeremy
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Yep, if you look at a 2-year chart you can really see the pennant formation clearly, and the long-term uptrend.
http://stockcharts.com/def/servlet/SC.web?c=AIRN,uu[r,a]dhclyyay[de][pb50!b200!d20,2!f][vc60][iut!Ub14!La12,26,9!Lg]&pref=G

This thing doesn't have much more room to go before it is forced to break the top line of the pennant. Confirmation will come when it breaks and hopefully closes this line on above average volume.

The pattern will be disqualified if it closes below the lower pennant line on high volume. So, continue to watch it, and if you're like me, play it safe by making sure the pattern holds true. Less risk and more rewards


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Jeremy
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Looks like today may be the day. If it can trade above 3.10, that would partially confirm the breakout, if it can close above that level, the patten will be confirmed and it should run for the next week or so.

Level 2 looks real nice past 3.10, so I'm looking for an entry at 3.10 once confirmed. Good luck everyone.


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Jeremy
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Most of the sales going through at the ask, and there is very clear resistance at 3.10, where most sales are going through today. So I'm in at 3.08, because once this does see the light above 3.10 I think it will begin to move swiftly. Maybe not today, but tomorrow I'd think for sure.

Anyway, I placed a stop loss at 2.95, since anything below that lower trendline could signal a breakout in the opposite direction even though this pattern is typically bullish.


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Art
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Seems to be consolidating.

May move up unpredictably after more sideways trading say today, or even a week or so from now.

If you are in, have patience.

Remember, time wounds all heals.


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Jeremy
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Yep, fairly high volume today and still in it's very narrow trading range. When it breaks, it will take up to 2 weeks to complete the move, but everything is shaping up perfectly
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Jeremy
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WOW!

One trade slipped in over 3.10 and it exploded! An explosion of volume and this thing has taken off and is now at 3.27! This blew right past the short-term resistance of 3.24. I expected once it broke 3.10 it would begin moving quickly, but not this quickly.

as I type this... 3.29. MM's are lined up nicely, could run well into the 3.3's


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Art
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Very nice call on this one.

Hope you can find another one for us later.


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pk1968
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Do you still hold it? I just get in on 3.35, hope can make little profit.
Posts: 37 | From: cincinnati | Registered: Jul 2003  |  IP: Logged | Report this post to a Moderator
Jeremy
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Still holding, seems to be holding at these levels pretty good and there was some positive news out yesterday as well. Typically this formation is a bullish consolidation before beginning it's run. So I think the big move started the run and on average you can expect a 2-week move up for a total of about 25% gain. But the technical target still points to about 4.00 so I'm going to continue to hold in hopes of reaching that mark in the next week or so.
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Jeremy
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Just an update incase any of you are still holding.. it's up another 10% today and approaching the target price of 4.00. Keep an eye for an exit. I may not sell my full position, but it's hard not to lock in 25%+ gains in a little over a week of trading
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Jeremy
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Anyone still in this one?

I exited this position earlier today, unfortunately slightly below 4.00, but I needed to so I could get into another position before it made it's run (and it did). But I'm happy to say this one did hit the 4.00 target (twice) and is now starting to look a bit overbought.

It may still have some movement left, but if you got in when I did, you may want to take your 35% or so profit and continue on. It's still a strong looking stock, I just think pretty soon it's going to go into another consolidation phase, so now may be the best time to exit.

But that's just my opinion


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TraderTom
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Great tip, Jeremy, keep them coming! And very instructional for all of us.

Unfortunately, I missed this one since I was away over the holdays, but I'm sure there'll be more.


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pk1968
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I sold my shares $4.00, it is my target sell price. I am happy with my 19 percent profit on this. Thank you for this call.
Posts: 37 | From: cincinnati | Registered: Jul 2003  |  IP: Logged | Report this post to a Moderator
Jeremy
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Wow, well Merry Christmas, Happy New Year, and probably Happy Easter!

Anyone here still holding this one? Up about 70% since the pick. Now at $5.20 I guess this one could have been played as a week or two swing, or a month or two swing. I wish I would have held a few shares, but hey, hindsight is always 20/20 right?

But anyway I hope someone hung in there, if you have, you have been greatly rewarded


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Art
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You are onto something with these pennant plays, Jeremy. They do good more often than not.
Posts: 4402 | From: Florida | Registered: Jun 2003  |  IP: Logged | Report this post to a Moderator
   

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