SUNW continues to build new base around 5.5 inspite of recent drop to 5.12. We likely see another breakout from base or congestion area around 5.5 level.
Tag Archives: Breakout
Big day for SUNW
Wow, SUNW went up 12.31% with 130MM shares changing hands. Average volume is typically around 50MM. There’s a buyout rumor too along with 5MM block trade (possible institution order). Sold some holdings in the range of 3.54-3.73 and held rest of it. It’s building a nice base around 3.3 before this breakout. It will be interesting to see what’s behind today’s move.
DOW closed at 8,582.68 with lower than average volume; NASDAQ ended at 1,502.88 with average volume; S&P 500 ended at 930.08; Russel 2000 ended at 407.67; all indexes are right sitting at resistence.
Fear & Greed
There was a big sell off this morning on LOWS. My put position finally turned positive. Out of fear that it might bounce back, half position was closed at small gain. Yet, looking at the daily chart, it’s likely that it may test 50 SMA. It’s still closed lower than the open. The greedy side of me decided to keep the rest of the position. In hindsight, keeping 1/3 position might be better idea or taking the profit by closing the position entirely. Let’s see how it goes tomorrow.
Long GSF May 20C; added SLB May 40P.
OAKMX: it’s still in the short-term uptrend since its breakout of long-term downtrend. Resistence at 31.55.
LSCRX: it’s right at resistence and overbought condition.
Breakout has chance
Although the volume is not heavy, it has bullish bias.
Closed GSF May 22.5P – it bounced back a little, but close to support and may reverse; added more SLB May 40P – is that breakout out of bull flag?; scaling out LOW May 42.5P