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sdeutsch95

Here's a Trade Idea For Something That Already Went Parabolic

Short
sdeutsch95 Updated   
OTC:VEGYF   None
Chart Patterns Trend Analysis Fundamental Analysis
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chartpattern trendanalysis fundamental
Virginia Energy Resources VEGYF is a very interesting company, but it's unlikely that uranium will ever be mined in Virginia. Wyoming or Nevada are way more likely. For whatever reason it has been one of the best performing uranium stocks recently, and looking at the chart I can say two things about it: it will either a) reject from resistence and fall out of its rising wedge pattern, or b) it will break resistence and launch to all time highs. Personally I'm short on this one, but I would recommend watching if the price bounces off of support at $0.57, because then the rising wedge pattern will continue to $0.77. That's my play for a 30% trade. VEGYF is not as illiquid as some of the other obscure uranium penny stocks, so the spread is narrow, and recently it's had quite a bit of bounce. I would be careful about holding it past the break from its pattern (unless of course it's to the upside, but that would surprise me). Good luck out there, peace.
Comment:
Wanted to add that I think as long as $0.51 holds then I still think it will bounce. The support line can be adjusted a bit.
Comment:
The pattern hasn't formed a full rising wedge or double top yet, so it's still in an uptrend.
Comment:
Actually the price may have broked through support and is now rejecting from resistence. Not sure but I'm just going to hold and watch for now. Not adding anything unless $0.61 is broken to confirm that this isn't a permanent break to the downside.
Comment:
Exited.
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