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The NF Energy (OTC BB: NFES)
Retracement- As Predicted |
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Here's a quote from last Thursday's
edition as it relates to NFES:
"whenever a stock makes a run
like this, it's prudent to take a step back and look at possible retracement
levels. NFES is now entitled to pull back a bit. I'm not positive it will,
but if it does here are the thresholds to look at. $1.32 would be the first
level to take a hard look. If that gives way, $1.18 could be in the cards.
If the company continues delivering announcements as it has been, $1.18
is not a likely scenario, but if it were to come into play, I'd bet the
farm."
Today's edition is a special alert
I hadn't planned on issuing. The market dictated the event.
Here's today's chart of NFES,
which has taken a little bit of a breather today after a pretty breathtaking
run:
As you can see, the stock is taking
the breather I predicted in last Thursday's edition. It fell early this
morning on very light volume, and has since started a rebound phase.
The low print was $1.21- right
in between the Fibonacci 38.2% and 61.8% retracement, and the stock
is now bouncing. The higher volume came in early, but was only about 75,000
shares in the first two hours of trading.
As I said last week, about the $1.30
mark would be an excellent level to accumulate this stock if you missed
the first 30 days under $1 and want to be involved if it hits my $2.50
price target.
This is a reasonably light pullback
and happened early in the day. We're now rebounding. I predicted it might
work lower, now I believe it is likely to work back higher.
Take advantage of some profit taking
to open or add to your position if you're not fully invested in this idea.
Here's today's headline out of China
from Reuters:
"In China, a surge in domestic
investment spurred factory activity, with Brokerage CLSA's China Purchasing
Managers' Index (PMI) rising to a one-year high of 52.8 in July from 51.8
in June."
FXI is now on to a new high
of $43.60- China is on a roll.
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