Monday, 1 October 2007

How Now NIhao?

Today's trading was minimal to say the least. However, the expected consolidation for NI's 2nd flag sure looks irregular. You see, normally in the local market, when a flag consolidates, the allowance given for its resistance is one fluctuation, either higher or lower, than the previous day's high. Today's high of 20.75 is 2 fluctuations higher than Friday's 20.25. Then again, this is more acceptable than the consolidation that happened last Wednesday.

Momentum definitely is still here but the big question is how long will it last? More importantly, how far can this go up? I'm not one to dwell on how far I can make my margin stretch therefore I'm now in a mode where selling can happen anytime.

How about MIC? Definitely this one doesn't have the torrid pace set by NI since two weeks back. Yet, it has a hard time surpassing 6.60 which used to be where the 65MA was. What is sure is that the 65MA is now below 6.30, so we can see support at this level. It remains to be seen if 6.80 can be reached.

This may be the one of the last times I will talk about NI as its nearing the end of its run. I'll probably get back into this when it shows a new pattern that we can play.

Are you ready, NI? Are you ready, MIC? LET'S GET IT ON!

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