A resistance was formed around $2.33 and $2.34 which happens to be the year’s high. Preivously, there were 2 times where the price tested this resistance and failed to break it. The recent rise of oil prices will give energy stocks a boost and I believed that if the price could break this resistance, it will have momentum to go higher. The stock did went up without much resistance or forming a peak. Shifted my stop loss as the support moved higher and eventually exited when support broken on 8 Jan 10.
Entry Date: 16 Dec 09
Exit Date: 8 Jan 10
No of shares: 2,000
Entry Price: $2.350 (buy)
Exit Price: $2.560 (sell)
Financing charges: -$8.32 ($0.52 x 16)
Commission: -$30
Profit: $381.68
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Discover the Secrets of Singapore Trading Gurus!
Interviews with Singapore stocks, forex, futures and options traders and trainers! This book is written for you:
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