Thursday, December 11, 2008

Patience rewarded

I have bought 5 lots China Communications @ 9.30.
TP1: 11.00
TP2: Ideally, should be 14.40. However, I have to wait and see. Resistance at 12.20 and strong resistance at 200-day MA @ 13.00.
Due to high financing costs, and to the fact that this is a bear market rally, i will not be buying a second batch as originally planned.

As for Midas, my patience is being rewarded. I have held back from buying as price gapped up on Tuesday. Oscillators were at overbought zone, and I felt it would be a matter of time before price softened. Well, prices are retreating now to the 62.8% Fib retracement level, and I am watching closely. Once price makes a recovery, I will be in.

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