Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Waiting to see if the breakout above 13.50 will materialize to confirm bullish continuation from the congestion range between 11.50 and 13.50. Fibonacci extension targets on breakout of strong resistance @13.50 from the low of 11.50 100% = 14.00 138.2% = 14.75 161.8% = 15.20 200% = 16.00 Will it play out again? Ref this CIC discussion back in Mar 2014?hisah wrote:Metasploit wrote:hisah wrote:It is interesting after the listing high of 5.25 and crash to 3.10 then rally back to 5.80 and retrace back to 4.50, this counter has been bullish since.
As per cartoons, the breakout from 6/- was going to be furious since 5.25 and 5.80 had proved to be tough resistance layers. Using the fibo tool, when measure from 4.50, the counter today has printed a high of 7.80 which is a 100% fibo level. If bulls can keep up, the next extension 123.6% will see the price hit 8.50 and at 138.2% extension the price will scale 9/-. The market being what it is always tends to behave beyond reason and it is getting frothy at these levels as bulls chase the bonus issue...
@metaspoilt - this one has played out nice for a trader's game.
@stockhunter - what is your profit take. Are you in the long haul? If yes, no need to answer, but if you have recovered your capital like @pkoli and @bartum, then selling some is not a bad idea. Been a long and difficult fight..bulls taking over 8 level. Next supply point 8.50 Wow! 8.20 has traded. Behaving like mpesa bank when it broke down very stubborn multi-yr resistance @7.50 and has rocketed ever since...
Btw have you been keeping an eye on EABL as it tries to stay afloat the 220 - 260 range. If this level (multi yr support) breaks down, it will fall off a cliff! $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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