My opinion on NGAS and GEOI, right now right here.
NGAS obviously do not have as much gas as GEOI due to its large float compared to GEOI.
If you look at the one year chart on NGAS, you get a triple top around $6:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ngas&sid=0&o_symb=ngas
If you pull out a 2 year chart on NGAS, you get almost sextuple (6 tops) at around $6:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ngas&sid=0&o_symb=ngas&freq=1&time=9&x=16&y=13
If you look at the 2 year chart again on NGAS, you get something like triple top near $7.
These are very significant barriers for NGAS - around $6 and around $7. Friday's move, even though it closed above $6, hasn't really break $6 in a significant way. I believe no matter how much they gap it up on Monday, it won't come close to $7 and then the gap will be faded back to $6 or below. The resistance at $7 represents very significant resistance. If they want to break $7, it will probably require a few days of staying above $6, and the oil sector has to be really really white hot...imo.
GEOI on Friday: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=geoi&sid=0&o_symb=geoi&freq=7&time=18
It gapped up from Thursday and formed (on Friday) an inverted BatWings Formation (this is a term i made up for the pattern). 90% of the time, this gap up from previous day Inverted BatWings usually results in a correction the following day. This time it may be the other 10% that the stock will continue upwards, maybe due to the fact it has a very low float and a huge group of traders are waiting to dive in. Either way, i would not buy GEOI premarket nor the first 30-45 minutes of trading. But if later in the day it takes out $7.23 convincingly (kinda like what ABLE did on Friday afternoon), i would be a buyer.
GEOI's 2 year chart: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=geoi&sid=0&o_symb=geoi&freq=1&time=9
On Friday, GEOI broke out of the previous high (around $6.50 - $7) established November of last year. But it did not continue above $7 and retraced back below $7. I suspect that if GEOI could fight the inverted Batwings trend and break the $7 and $7.23 on Monday, it is very likely it will fly. I will be watching both NGAS and GEOI, but my preference would be GEOI. I would not be an early buyer of GEOI though, but will be looking for a breakout of $7.23 for entry.
Rock on!
If you look at the one year chart on NGAS, you get a triple top around $6:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ngas&sid=0&o_symb=ngas
If you pull out a 2 year chart on NGAS, you get almost sextuple (6 tops) at around $6:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ngas&sid=0&o_symb=ngas&freq=1&time=9&x=16&y=13
If you look at the 2 year chart again on NGAS, you get something like triple top near $7.
These are very significant barriers for NGAS - around $6 and around $7. Friday's move, even though it closed above $6, hasn't really break $6 in a significant way. I believe no matter how much they gap it up on Monday, it won't come close to $7 and then the gap will be faded back to $6 or below. The resistance at $7 represents very significant resistance. If they want to break $7, it will probably require a few days of staying above $6, and the oil sector has to be really really white hot...imo.
GEOI on Friday: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=geoi&sid=0&o_symb=geoi&freq=7&time=18
It gapped up from Thursday and formed (on Friday) an inverted BatWings Formation (this is a term i made up for the pattern). 90% of the time, this gap up from previous day Inverted BatWings usually results in a correction the following day. This time it may be the other 10% that the stock will continue upwards, maybe due to the fact it has a very low float and a huge group of traders are waiting to dive in. Either way, i would not buy GEOI premarket nor the first 30-45 minutes of trading. But if later in the day it takes out $7.23 convincingly (kinda like what ABLE did on Friday afternoon), i would be a buyer.
GEOI's 2 year chart: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=geoi&sid=0&o_symb=geoi&freq=1&time=9
On Friday, GEOI broke out of the previous high (around $6.50 - $7) established November of last year. But it did not continue above $7 and retraced back below $7. I suspect that if GEOI could fight the inverted Batwings trend and break the $7 and $7.23 on Monday, it is very likely it will fly. I will be watching both NGAS and GEOI, but my preference would be GEOI. I would not be an early buyer of GEOI though, but will be looking for a breakout of $7.23 for entry.
Rock on!
posted by beanie11111 | 9:36 PM
0 Comments:
Post a Comment
<< Home