Do Not Chase Himax Technologies (NASDAQ:HIMX), This Is Why
The first thing to do is start looking for levels of resistance to either take profits if already in the trade, or to find resistance points at which to sell short the stock and profit as it pulls back. Let's take a deeper look into the HIMX chart...
I isolated a few levels on Himax Technologies , Inc. ( ADR ) (NASDAQ:HIMX) that can be utilized to take profits, or with the right pattern sell this equity short. As seen on the chart below, please note that Himax Technologies , Inc. ( ADR ) (NASDAQ:HIMX) is already nearing the first resistance point at $10.05, the second will be at $10.91, and finally the third and major will be at $12.15.
If you're already long Himax Technologies , Inc. ( ADR ) (NASDAQ:HIMX) those are levels to watch for signs of weakness and take some money off the table, while trailing your stop. If you're not already holding this stock, and you are looking for a shorting opportunity, the best levels to do so will be the 2nd and 3rd levels mentioned previously, depending on how Himax Technologies , Inc. ( ADR ) (NASDAQ:HIMX) gets there. Remember, that for these levels to be strong and give us a high rate of success, there are factors such as; Pattern and Time that must align perfectly with Price. Without considering these factors, the levels may not present as high profit potential as they otherwise would.
I will be monitoring the price action in Himax Technologies , Inc. ( ADR ) (NASDAQ:HIMX) and will alert our members of a possible trade if we get the right factors in place. Being patient and only taking the best set ups is what allows us to maximize profit and have big gains in trades, just like this recent 9% gain in Yahoo! Inc. (NASDAQ:YHOO) which was given to members along with precise entry and exit levels live as we were trading it. In the same manner of which we give all of our member trade alerts, we gave everyone time to enter this trade or take profits on this Yahoo! Inc. (NASDAQ:YHOO) as seen here. Be ready for the action join us here at the Elite Round Table and don't miss out on the next big trade.