Sunday, August 13, 2006

Market showing resilience

I was bearish and getting ready to try put warrants. But! Market doesn't seem ready to head down. Maybe another leg up before corrections set in? Well, whatever it is, i should act what the market is telling me and not what i think it is going to do. I was alerted to media ring late Friday. The volume had surpassed the 50 days MA on my watchlist. I just had to try despite being bearish on market. Here I deviated from my usual Market direction first, Sector, Individual Stock. Market Direction is hanging near resistance still. Sector wise, MediaRing is the only ip telephony company listed together with Global Voice. It makes no sense to consider sector in this case. Individually, MediaRing's chart looks good for a try.


Asymmetrical Triangle with bullish reversal candlestick formation on high volume. I bought at 0.360. Also, I did a Fibbo from 0.275 to 0.44, the recent rally and found that the stock is well supported at 61.8% (0.340)

DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings. Copyright © 2006 GrowMoney Blog. All rights reserved.