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.

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Landed in Miami

Well I've landed in Miami and unfortunately my luggage is still in Sydney. 8th trip in USA, 4th time my luggage didn't make it all the way with me. Hopefully it arrives tomorrow.

We had some good moves in some our opportunities.

Industrea – IDL
Closed at $0.335, with an intra-day high of $0.345 reached past two days. Stop has been moved up to $0.31

Eastern Star – ESG
Closed at $0.335 with an intra-day high of $0.35. Stop stays at $0.275.

Charter Hall – CHC
CHC closed below our stop loss on the 31st. Trend still looks in tact with the guppy MMA and I'm inclined to watch this one over the next couple of days instead of enforcing the stop.

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