Wednesday, 26 September 2007

Come Fly With NI

C'mon, sing it like Sinatra or Buble (whichever you choose is fine).

"Come fly with NI, let's fly, let's fly away..." Today's action from NI is expected as one of two scenarios: either it consolidates or it rises even further. What is the difference of the two? If NI climbed higher today, I would think that NI has suddenly turned too bullish and is now in a spike. If it became a spike, I wouldn't think twice about getting off this love train. But it is in a consolidation mode. Therefore, I'm now waiting for one more day of consolidation before I can project the upside target of this flag. But it is safe to say that our upside target is 5.25 pesos from wherever the resistance will be. So this would be roughly 22 pesos.

Am I greedy? Not necessarily, as this move is technically justified. But should things turn sour suddenly, I'm ready to take my profit.

More updates to NI as it develops.

"...pack up let's fly away!"

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