Tradelog: bought PNB on Pennant/Flag breakout
(PNB Chart as of May 5, 2009) I have to admit I got excited watching this stock. When I saw PNB breaking the 17 resistance, I jumped in and bought a few shares @ 17.25. Although there's volume when it breaks pass the resistance @ 17. The volume is not big enough to be more convincing. I just realized that after pressing the BUY button.
I'm putting a tight stop loss, when it breaks down @ 17. Then it's a sell for me. My initial target price is @ 19.25 (50% retracement level). But, if this is a confirmed pennant/flag, then measuring the pole height will give us a target price @ 25.50 (78.6% retracement level).
I'm putting a tight stop loss, when it breaks down @ 17. Then it's a sell for me. My initial target price is @ 19.25 (50% retracement level). But, if this is a confirmed pennant/flag, then measuring the pole height will give us a target price @ 25.50 (78.6% retracement level).
2 comments:
Good job on this one. I have been holding on to this stock for many weeks already and finally it had paid off today. I'll continue to hold on this stock until momentum subsides, which it won't yet.
You have a nice setup of technical analysis here. I can clearly connect with what you're thinking, very well laid out.
hi jonats,
just got out today... how about you?
abby
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