Wednesday, September 19, 2007

Traded LUM

I bought 300 shares of LUM at 1.75 this morning. It fell to 1.73 and bounced to 1.75 which is a very strong key support level. I wanted to wait for it to test those levels and for the stock to determine the bottom and see how strong those levels really were. Turns out they were very strong and I got in at the strong support level of 1.75 ( blue box represents entry point and purple lines are support/resistance)


It's hitting some resistance right now at around 1.77 which isn't a problem. I think it'll be a good psychological boost if it breaks these levels which could produce nice shot in the air once it peaks these levels.


My exit point is at 1.66. For my system and my plan, this is all I can allow to lose on this trade. I have an alert to go off at 1.70 to let me know the action if I might need to get ready to sell.


My target price is around 1.85 which is a key point for the day. If LUM can get the strength to bust those levels. I think we can see it go higher until around 1.90 which is the next key point of resistence (high of the day).


LUM - Candle 1h_1m 2007-09-19 071926

Related Posts by Categories

Widget by Hoctro | Jack Book

No comments: