Saturday, October 09, 2010

Chart Notes

I wrote about BTM here. I elected to take a position because I like the chart set up.

One holding that I have that I lightened up on is CHGS.  Here's a weekly chart (click to make larger):

I sold 1/2 of my position into yesterday's surge of 25% with 18+ relative volume.  Who's buying? Who's selling?  What news? (I couldn't find any!) I plan to rebuy that 1/2 when (IF!!) it pulls back in. If does not pull back in, I still have a nice entry point, and I will enjoy the ride.

As you can see by the volume at price bars on the left of the chart, there are a few folks that may want to unload as (IF!!) this thing rockets ups further.  However, if it can clear $1.80 per share, there's a nice gap in the volume@price bars that my create an airlift vacuum.

Or, the damned thing could sputter to the ground.  It is not unusual to see "spikey" activity before a meteoric crash and burn.  There are some nice fundamentals here that give me some confidence that is not to happen. 

TRIT is another holding that I wrote about it.  It also enjoyed a good day.  I did not sell my position into this ramp.  Here's a weekly chart (click to make larger):

Volume@price bars on this chart point to some resistance ahead.

My preference is to look at homogenous groups (sector, country).  Because I have been a lazy toad in not providing the weekly sector information (which I will resume next week), I did create for you a China chart book.  The charts are in monochrome so that you can print them out and study them.  It's a tool for your due diligence.  I hope that you find it helpful.  It is a big file....So be patient on the download.  You can download it here.