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Tuesday, August 12, 2008

StockWatch: ABS, AGI, ALI, AT, ISM, MUSX, NI


I thought ABS will breakout from the upward channel today. Well, it did not. So, I guess this might go back to 17.50 and range trade from 17.50 to 18.50.

So this is not going to form another flag. Will this just range trade from 3.70 to 3.90? If it does play within the 3.70 to 3.90 a breakout from this range will give us a target price of 4.10.


Yesterday ALI penetrates the resistance @ 11.00. I thought this would continue beyond the resistance and reach the target price @ 11.75 (blue range trade zone) or 14.25 (pink range trade zone). Well, it seem ALI is back to the trading range of 10.25 and 11.00/11.25.


From my chart, AT seems to be lurking around the support line of the upward channel. If only it was able to hold @ 13.00, then it would be nice to get in. But, it did not hold @ 13.00 instead it closed @ 12.75. So my view on this stock is that this might go back to the range trade support which is @ 11.50.


Hmm, I don't want to be overly bullish about this stock. I do have a small position and waiting for this to fly once more. Looking closely at my chart, I somehow expected that this will go down to 0.043. This is needed to form my falling wedge pattern. If this is indeed a falling wedge pattern, then this chart will gives me a target price of 0.053. But, if I look at a larger picture, I want to consider the pole of my falling wedge which gives me a target price of 0.0825. Wow! More, if I look at a much larger picture I saw a very big rounding bottom spanning almost a year which will give me a target price of 0.093!!


On a short term, I'm seeing a formation of an ascending triangle which will give me a target price of .38. This is one of my favorite stock has I was able to play this stock thrice. (1) .25 to .31 (2) .28 to .32 (3) .29 to .33. Right now, I don't have a position I was getting greedy and was waiting to get hold of this at .29. Looking at the chart, yeah it should now hold the .30 in order to maintain its ascending triangle formation.

Oh sucks, this is not a flag anymore! I should have gotten out of this stock a while ago. I have a few of this @ 11.00. On second thought, I should keep in mind that descending triangle is bearish! The previous flag is an ascending triangle which is bullish. And, the other previous flag has a symmetric triangle. With the breakdown of my flag, this might poise to go down to 9.80 or worst!