$GFRE - symbol we harvested today from our stock screener for our trading tomorrow, on Wednesday. "Shares of Gulf Resources Inc. surged Tuesday after the Chinese manufacturer of bromine, crude salt and specialty chemical products said its first-quarter net income doubled on surging revenue driven by higher selling prices. Revenue jumped 53 percent to $45.4 million from $29.7 million a year earlier. Gulf Resources said the increase was mostly driven by higher bromine prices, which nearly doubled from a year ago." And this is an objective thing. Revenue is revenue, even in China ;-) When I see news like that, I am almost confident that the rally is not over in 1 day. It takes at least 3-5 days to move to new equilibrium in price, which is typically higher. So, tomorrow I am expected 2nd green wave up in $GFRE stock price, confirming today's good news.
The rally should be even stronger is the affect of oversold condition plays out. $GFRE even with today's rally lost 60% of its value over 2 months without any significant upside correction. Case to support continuation rally tomorrow is pretty clear, enough for me to go long tomorrow at open.
Symbol: GFRE
Backtest Strategy: Pennystocks100 (5 min chart)
Period: May 17, 2010 - May 17, 2011
# Win: 0
# Loss: 1
Winners: 0%
Profit-Loss%: -3.15%
Symbol: GFRE
Backtest Strategy: Pennystocks100 (5 min chart)
Period: May 17, 2010 - May 17, 2011
# Win: 0
# Loss: 1
Winners: 0%
Profit-Loss%: -3.15%
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