9/5/2012 Wednesday
Above $31 is my bullish trigger. My two targets = $34 & $36. My stop= $29.30 and I will move my stop as the stock moves if i do get triggerd.
So let me explain of why I think we could have another two months of bullish run. I say two months because this isn’t going to be skyrocketing trade but it’s going to require discipline and patience.
As you can see in the big scheme of things, we have that bullish trend line and $TK has been respecting it very well.
July 24 was the turning point after almost month of retracement.
After that day we had about $4 move and we retraced for more about a month again. And today was the day we had that long white candle at support.
And I believe we are going to get to target 1 with this bullish run possibly happening.
And after we get to target 1 of $34, we probably will retrace and test $32 area and new support (probably that process could take up to 2-3 weeks). And hoping we will have another jump after retracing and getting up to our ultimate goal of $36.
Here is the good news 100SMA (blue line) has been acting as this massive PIVOT AREA. I mean you can see it. This thing has been riding this thing like a roller coaster.
200 SMA (red line) is acting as recent support and today we bounced off of 200 SMA support.
Also we closed way above 100SMA which is very very good sign of bullishness knowing that 100 SMA has been a massive pivot area for $TK.
We are just hitting the 10/20 EMA with the candle top and i don’t think that’s going to act as strong resistance as you can see that $TK hasn’t really respected those two averages. So we need to make sure we trade above those two Moving Averages tomorrow and trigger bullish.
We could see some short-term retracement/fall back next 2-3 days. It usually happens after a huge day like today. So make sure you watch out for that. Or we could just continue bullish tomorrow.
9/6/2012 Thursday
NICE~~!!!! $34 target coming up. $32.30 resistance to watch out.
9/7/2012 Friday Morning
Moved up my stop seeing that we have successfully pushed through that recent resistance. Still looking bullish but $32.50 resistance getting close. It’s pretty solid resistance as we slowed down for about a month when it hit that price point early Aug. I do think that we gonna come back down and test that new support and bounce back up an with good momentum, we should able to push through the resistance of $32.50. After that $34 target would be easy to reach.
9/12/2012 Wednesday
Ok we’ve been chugging along great. Today we broke out of a stair-step continuation pattern and looking great for bullish.
Yes we are running into a short-term resistance but we have no reversal signals or nothing yet so so far so good. Even the moving averages are absolutely bullish but there is just one problem….
PROBLEM is the VOLUME.
We’ve had this bullish rally for the last 7 trading days and all that time, we’ve had declining volume. This is the problem.And this could be a big problem actually. It means that’s we don’t have much fuel or strength in this move that also leads to why I think we might not able to push through the resistance tomorrow or this week.
My stop is where you see it at for now but I might move it up tomorrow morning depending on the sentiment of this stock.
But everything else is bullish so we don’t have any confirmation at this point except the fact that we are running into recent resistance with declining volume… I will update tomorrow.
9/14/2012 Friday
Very satisfied with ROI on my calls. Option price really skyrocked this morning. Got to my 1st target and pretty happy with it. I am still very much bullish on $TK and I think we can hit the 2nd target next week. Possible retracement is expected before it continues bullish though.
