Tuesday, October 09, 2012

ASUPREM How Far Can It Go?

This is my bad trade. The culprit is my illegal itchy fingers attempt to catch the falling knives. The another worse counter is INGENCO happen the next day. I exited @ 0.29 on 27/Sep and incurred 2k lost. This is the bad news. The good news is that I bought back this counter again yesterday (08/Oct) at 0.24 and now sitting on slight profit around 1K. :-) So let us look how far can the rebound go.

The reversal is confirmed on 08/Oct after it form a bullish engulfing. As you can see there is resistance at 0.30 level, which I think it will be hard to break-up. If it going to go, most probably will hit 0.33 area. For the overall trend ASUPREM still in the downtrend and high possible it will move south again towards 0.10 level (will see how the 0.30 level and possible double bottom formation @ 0.23). I suggest it would be best to sell out during this rebound. I will be exit below 0.30/0.31 and hopefully can gain profit of 3K this time to cover my losses. 

Happy Trading!

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