Chart Request: GeoResources, Inc. (GEOI) and Able Energy (ABLE)
Posted on May 28th, 2005 in Chart Reading
This is a first — I got two requests for GEOI in the same day (actually within the same hour). Both GEOI(+242% YTD) and ABLE (+523% YTD) were on fire this week as they resumed their huge rallies from a few months ago. GEOI is looking pretty good right now since it just broke its 2-month long downtrend. Watch that it doesn’t slip back into the channel though!
One of the requests wanted to know how much higher GEOI could rise. A good way to gauge that is by the measured move method. (Let me know what number you come up with.)
Just for kicks, I thought I’d throw up an intraday chart of ABLE from Friday. That action was a day trader’s dream (or a nightmare for those who tried to fade it).
This post has 7 comments
May 30th, 2005
I was in on the move on friday. I will be letting the profits run. Thanks again Mike.
June 1st, 2005
What about shorting these two stocks now?
June 1st, 2005
I couldn’t short ABLE if I wanted to — no shares to borrow. Personally I’d have to wait for GEOI to start trending down before I tried to short it. But if that’s your thing…
June 2nd, 2005
It’s not necessarily “my thing”, I’m just looking for real quick opportunities either short or long to cash in on. See RNVS lately
?
June 2nd, 2005
How things change. ABLE shares were available for me today, so I actually shorted some since it was so weak today. A short on RNVS was a big winner for me on Tuesday.
June 3rd, 2005
Man, hope you covered your ABLE shorts yesterday. It just took off like a rocket this morning. I think I might watch for a short opportunity today!
June 3rd, 2005
I got stopped out almost right at the open. Only reason I held it is b/c I fgured that there would be no more shares to borrow today — and I was right about that