Monday, May 25, 2009

Some O & G counters have broken resistance

It is only yesterday when I drew the resistance/ supporrt lines, and now some are already broken on high volume. Two of these are Swiber and Swissco. Since momentum continues to be unstoppable, I have no choice but to follow the trend.

My plan: Long Swissco

EP: 0.68
SL: 0.48
Size: 3,000
TP1: 0.88
Expiry date: 24 Jun

This is in addition to my ASL Marine, which today also shows a complete white candle above the nearest MA line (very bullish). All I have do now is to practise the beautiful but difficult art of waiting for rewards. Remember never to repeat the episode of Sino!

BTW, I enter this trade only because I'm already profitable on ASL.

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