akillam1

$LEDS - Watching for position

NASDAQ:LEDS   SEMILEDS CORPORATION
LEDS is an extremely low float (0.85 mil) pump and dump stock. This has been trading under low volume and holding a somewhat steady trend. The uptrend and downtrend are converging forming a wedge . For a short term trade, the break of 4.00 should be an easy run to 4.25 range (if it happens with the next few days). 4.35 is where the current down trend resistance. With recent higher lows, this looks possible. If 4.25 breaks, I think 4.50 is where the tough resistance currently lies. Now on the flip side, if 3.75 cracks then this should easily get pushed down to 3.50 where it will try to regain support. The MACD and signal line has converged right below 0, showing a potential bull set up. I'll be looking to play the 4.00 break or the short entry at the 3.75 crack, but no position while it sits between this range. Volume is key for LEDS (due to the low float), so be on the lookout for any volume burst.
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