Thursday, 4 October 2007

ELI-vator, Going Up?

Thanks to the Taipan for showing this to me. If you noticed lately, many property issues have been on the move. FLI, MEG, it and practically all the tradeable stocks in this sector have been climbing. One exception has been ELI.

As we can see on the chart, after it went sideways for some time, it dipped and has come off the lows. Now the fun part. It now shows us that it has formed a pennant.

With this, we see that our resistance for the pennant is pegged at 78 centavos. Meaning at 79 centavos, this is a buy! Target is projected to be at 87 centavos. Sure it seems small, but if this can be achieved in just a matter of days, wouldn't you want to take it? Cut loss is at 76 centavos.

Any takers?

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