Sunday, June 7, 2009

Taking advantage of a broken stock and buying a great company

Never before have penny stock traders been in such good shape. Many financial's have been just beat to a bloody pulp and these companies actually make a lot of money. Which brings me to my next play - HBAN.
Click on the chart to enlarge.
I have been waiting for this stock to set up like this. As you can see on the chart it's in an up trend. It formed two triangles. In the first triangle the stock got ahead of itself and pulled back, and this formed the triangle and a consolidation point, (where circled). In the second triangle, the stock ran to $6 and then pulled back to $4, forming another triangle and consolidation point.

I think this stock is setting up for a great run. So I chose to buy 1,000 shares so I won't get left out of the run. Click on the chart to enlarge.

update6/25/09 hdan

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