Saturday, 29 September 2007

Eenie MINI Miney Moe

What a rush! Current speculative favorites MIC & NI are still at it, captivating many traders with their recent runs, especially NI.

NI has been on a tear ever since breaking out of a triangle formation around a week ago. From that time, it has been flagging (is there such a word?) upwards. It is now knocking on the door of 20 pesos and there could still be some momentum for NI to push higher. BUT this must consolidate for the moment for the last run. Otherwise, get ready to run with whatever profits are made here. Remember, the multitude of investors above 20 pesos are waiting to get rid of their holdings.

In the case of MIC, it made the days of many for a little while after it hit a high of 6.60. Unfortunately, the intraday chart looked ugly, closing at the opening price of 6.20, giving it a bearish look. I'm now a bit apprehensive about its run. If I'm lucky and MIC tries to go to 6.80, I'm selling.

May the stock gods look favorably on us all.

No comments: