Monday, February 11, 2008
SPOTLIGHT CHART
I've decided to start spotlighting one of my GARP stocks each week. This weeks selection is NGS. No particular reason other than if you were to draw a line connecting all the recent bottoms it would seem as though this stock is trying to find support. We'll give it a couple of weeks and see what happens. The stock went through a nice accumulation period from mid-March to early May. The momentum players caught the breakout and this stock found resistance near $20. It then formed a cup with a rising handle and once it broke above the old resistance on high volume it comfirmed the pattern. More accumulation occured on the recent pullback and we have a Buy Fractal@ $18.50 and a SellFractal@$16.51 ... So there it is the Spotlight Chart.
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