The lower Bollinger Band is also near the $55 level. The only concern I have are the MACD and DMI lower indicators. They seem to be showing a negative sign, and it is possible that $55 will be broken with ease and continued selling could continue. However, I am willing to take the chance it will bounce up from $55. If not, consider buying a put to protect your losses if it starts to fall.
I have personally bought a few hundred shares in hopes that my prediction is correct. If not, I am willing to own the stock for a few weeks if required, since this company is one of Canada's largest 60 public company.
Inmet Mining (IMN) Trading Opportunity
I just realized it's been a while since I last brought up a trading opportunity, so here's one that recently caught my eye.
Inmet Mining [IMN:TSE] has been a stock that my friend trades often. The stock has generally been trading between $55 and $60 since the middle of January. Today, the stock closed at $55.69, very close to that $55 support. Unfortunately, I do not have market depth/level II quotes so I can not see how many shares were at that level today, but I suspect there will be a lot.
The reason I believe this is because $55 is also the approximate value of the 200-day moving average as seen in the 3-month chart below. (Note the chart is directly from bigcharts.com and will change everyday, as this is a streaming chart and not a print screen.)
The lower Bollinger Band is also near the $55 level. The only concern I have are the MACD and DMI lower indicators. They seem to be showing a negative sign, and it is possible that $55 will be broken with ease and continued selling could continue. However, I am willing to take the chance it will bounce up from $55. If not, consider buying a put to protect your losses if it starts to fall.
I have personally bought a few hundred shares in hopes that my prediction is correct. If not, I am willing to own the stock for a few weeks if required, since this company is one of Canada's largest 60 public company.
The lower Bollinger Band is also near the $55 level. The only concern I have are the MACD and DMI lower indicators. They seem to be showing a negative sign, and it is possible that $55 will be broken with ease and continued selling could continue. However, I am willing to take the chance it will bounce up from $55. If not, consider buying a put to protect your losses if it starts to fall.
I have personally bought a few hundred shares in hopes that my prediction is correct. If not, I am willing to own the stock for a few weeks if required, since this company is one of Canada's largest 60 public company.
Thursday, March 25, 2010
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4 comments:
nice choice minh, i trade it haha bought at 59.10 son of a gun!
better go back up
im tempted to enter at 55ish too....ill check level 2 tomorrow
Hey anonymous. I suggest you get out of your trade today. The stock is still having trouble breaking $60. It's only a profit of about 80 cents (depends when you see this, and if you see this) but a profit is a profit.
Hey Minh,
Good call on this one it has broke the resistance :)
Thanks.
I don't see it holding strongly above $60. It did this a few weeks ago and fell below. I wrote a $60 call so hopefully it expires worthless. If not, assignment isn't such a bad thing considering my buy in is at like $57.90.
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