Many around this place laugh, but technical price action is often (not always) very important for my stock buy/sell ideas.The close this week, gave somewhat of a confirmation of the buying accumulation pattern we have seen over the last few weeks in DISK. Friday's action (after the annual meeting, of all things) gapped up at the open on high volume. The stocked opened above a longer term weekly down trend channel. Bullish, indeed. Again, we never even ventured back into the old territory during the day. For the week, we have what is called a weekly reversal to the upside. Initial price targest are around 8.00. That is a trading outlook. From an investment standpoint, and for numerous reasons, I suspsect, and in my opinion, we will see prices significantly higher.
Well I placed my bet at 5 11/16 today. I think DVD sales have been and will continue to increase into Christmas. Wish me luck.(also looking at those March 7.5 calls for $1 each...)
Here to wishing you (and all of us) lots of patience and luck and success with this stock. Now If I had only bought SUN or Oracle when they delivered the same sort of price signals/patterns.....Those companies cannot, of course, be compared to DISK. That is another topic.
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