From January 31, on AKS:
"As long as AKS holds the FOUR upside breakouts, it looks fine. If AKS should CLOSE below the big Ascending Triangle trendline (Black #1-#3), which currently is at about 9.18, that would be cause for concern..."
Well-ll...that's too bad. AKS closed at 9.04, below that trendline breakout of the big Ascending Triangle, so it's "Ye Olde Knuckle-biter" for the AKS Bulls, leaving them wondering whether or not they've got enough game to take the stock back above the breakout.
I bought AKS for 8.97 in mid-January when it went back below the breakout and retested the smaller Ascending Triagle (horizontal green line). That support held and it went back above the breakout again. At the release of earnings, AKS tanked 5% at the open, to Purple #4 of the Bull Flag, but CLOSED back above the Ascending Triangle, so I held it. I would have sold any close below Black Trendline #1-#3, regardless of what the earning were. I only look at the RESPONSE to earnings, and I liked that quick recovery on earnings day and the BIG up day on January 25.
But, now it's back below the breakout? No, thank you. That's too sloppy for my taste. That's enough of a concern for me that I don't want a position it, although I might trade in it later on.
KEY SUPPORT: 8.76-8.91
There's still possible support on a retest of the top of the Bull Flag (Purple Trendline #1-#3), which comes in today, February 3, at about 8.88. The top of the smaller Ascending Triangle (horizontal green line) also is right there, at 8.90-8.91, then there's the release of earnings low (Purple #4), at 8.76.
Bottom line: The Bulls need to CLOSE the stock back above the Big Ascending Triangle (Black Trendline #1-#3). Unless/until they do, the upside targets are not IN PLAY.
Purchased at 8.97.
Sold in after hours for 8.98-9.00 for a break even.
3 comments:
good job melf! I sold in after hours too!. What made you sell? I was watching CNBC fast money when they flashed that graphic of the pension ratio
Tom,
Thanks. I sold in after hours because AKS had closed below the top of the Ascending Triangle (Black Trendline #1-#3). That meant that The Bulls weren't strong enough to defend their breakout of a very nice five-month base. I didn't like that. They "should have" defended it.
I didn't know about the pension news. I had an afternoon engagement, came home and saw where it had closed...sold!
"They" didn't make it easy on me to sell. "They" only filled 1600 shares of my order at $9.00, then dropped it to BID: 8.98...ASK: 9.00. I changed the order on the remaining 900 shares to the 8.98 BID and was filled.
"They" are annoying little buggers. LOL.
Have a great Super Bowl weekend!
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