tradersams blog

Oakton re-entry

OKN:  Opened a position in Oakton today at 3.40.

I exited the last Oakton trade when I hit a double top, which has now been clearly penetrated (smashed?) giving a strong run up to a the high for the year so far.

The share appears to be in an uptrend (higher highs, lower lows), so I have bought in where the share seems to be finding support.

Reasons against taking the trade?  The high point in the chart is a nice example of a shooting star, a typical reversal signal.  The top of that shooting star is clos-ish to the most recent significant highest high in August 2008.  This may cap my upside, but if that is penetrated, then this is a good trade.  Lets see where this goes.

Downside is limited due to closeness to next support line, and upwards trend line.

wan - another re-entry

WAN:  Opened a position in West Australian News today at 7.80.  Volume has been good the last two days, and days have been closing at or near daily tops for a while now – in spite of the large number of down days recently in the general market.

Looking for a bounce on the current upwards trendline – and hopefully not too much resistance at the recent high.  Looking at todays chart looks like it may be a distinct possibility.

As I sign off for the night, the US markets are opening well, so if this pushes through resistance tomorrow this may be one to watch.

Even though it is new media.. so as a keeper this doesn’t make sense to me!