Chart Watch 2009-02-06

BRM - Brockman Resources





A recent trade, which I am still holding, is Brockman Resources. Explaining my reasons
1. Mid term the stock as come of a strong base, between October and start of January
2. A strong short term break out occurred on strong volume to a high of $1.17 (16th Jan)
3. Close on 15th and 16th both closed below 50MA
4. Stock pulled back on low volume back to the 38.2% Fib, and into the TAZ
5. GMMA show a the short term averages breaking above the long term.

I bought on the high of the 29th Jan, @ $0.90 with a stop at $0.84.
My target is the 50MA, and I have moved my stop to above break event at $0.95, below the low of the 3rd of February.

Not sure how I'll play this Monday. A lot of volume yesterday all at $1.00. If signs of this stronger buyer/seller at this level leaving I may decide to exit, to try and lock in a good profit. I'll will be watching this one intrad day early next week for an exit sign. I may end up missing an up-trend that is starting, but a profit is a profit in a any, especially a bear, market.