GMR is ready to breakout. Touching the upper line of the looong downward channel. Promising statistics and large green volume action today morning didn't translate in a typical Friday profit taking, especially for a session like it was today, when everything and everybody was selling out. No profit taking in the end of today was the most convincing factor for me to go long GMR on Monday. It is enough even without Egypt unrest news: "Speculation that the Suez Canal might be shutdown as a result of the crisis in Egypt spurred the stocks of oil tanker companies higher. Shares of General Maritime (GMR) surged on Friday on the prospect that those companies might hike their charges if they are forced to circumnavigate Africa in the event of the canal shutdown." Political issues of such a scale rarely are solved overnight, so I am expecting that this news itself is enough to bring GMR to a new highs on Monday. But, again even without knowing any news, I am buying GMR solely based on chart view.
Backtested Symbol: GMR
Strategy: Pennystocks100 (5 min chart)
Period: Jan 28, 2010 - Jan 28, 2011
# Win: 2
# Loss: 0
Winners: 100%
Profit-Loss%: +8.01%
No comments:
Post a Comment