Post by TradingForGod on Sept 6, 2004 18:15:28 GMT -5
I’ve been watching AZMN over the last few days since the big break higher on 8/27. Azco had several days of low-volume consolidation right around the 18 cent level. Over that time it was clear that someone (a market maker?) was trying to hold down the settlements with low priced sales in the last few minutes. But on Thursday, AZMN blasted sharply higher, peaking at 22. Volume got very heavy again with almost 500K shares trading. When you look at the short term (hourly) chart below you can clearly see the uptrend that AZMN has been in since it touched 11.5 cents less than two weeks ago. Wow, what a buy that was! The trendline is now at just about 20 cent. This stock could slip below there for a minor dip back toward the break-out point at 16. I am not saying that will happen, but if it does I think that will be a great buying opportunity…maybe the last one for a while.
If trend support holds, a break of 22 now should be sufficient to get AZMN up to the short-term target range between 30-37 cents. That’s when things get very interesting. Because there has been no price action in that area for two years it is possible, if not likely, that if 37 is bested prices will rally very quickly to major downtrend resistance at about 75 cent. It only took two month for Azco to fall from a buck to 30 cents. I don’t know why it would take longer for it to rally if thinks really get cooking.
I know that we all want AZMN to go to the moon immediately, but I actually would not mind a brief pull-back to 16ish. Holding there would confirm the break-out, build a good base from which to rally further, and give us one last buying opportunity at better value. We’ll see what this week holds.
Quote of the day: In this game the market has to keep pitching, but you don’t have to swing. You can stand there with the bat on your shoulder for six months until you get a fat pitch. Warren Buffett (Hopefully AZMN is a pitch to take a bit cut at!)
Thought for the day: A bird was getting ready to fly south for the winter but waited to long to leave. A major storm snow storm came through and stranded the bird on the ground. Cold and without the ability to fly away, the bird began to freeze to death. A cow walked by and accidentally dumped a steaming pile of manure on the bird lying on the ground. At first the bird was repulsed at the indignity and the smell, but it soon realized that the manure was warming it up. The bird was overjoyed. It was saved! It was so happy that it began to sing. It’s beautiful song attracted a stray cat that was walking around in the field. The cat walked over to the manure pile, saw the bird singing in the middle of it, and gently lifted the bird out of the smelly mess. The bird could not believe its luck…right up to the point when that cat ate the bird in one quick gulp.
The moral to the story: Sometimes life seems like a big stinking pile of manure. When that happens remember that it’s not always a bad thing. It’s frequently best to keep your mouth shut, because not everyone that offers to help you out of the mess is your friend.
Blessings to you all,
TFG
A final thought: I read with sadness CT’s “good-bye” post. I have not even met DeWayne yet. We live almost 2000 miles from each other. But in the short time I have been exposed to him and the Christian Traders community, I have grown attached to you all. I don’t know what all the reasons are for CT’s decision to pull back a bit, but I know in my heart that he is doing exactly what God wants him to do. Please join me in praying for God’s wisdom, guidance, and strength as he pursues his MANY paths of ministry.
If trend support holds, a break of 22 now should be sufficient to get AZMN up to the short-term target range between 30-37 cents. That’s when things get very interesting. Because there has been no price action in that area for two years it is possible, if not likely, that if 37 is bested prices will rally very quickly to major downtrend resistance at about 75 cent. It only took two month for Azco to fall from a buck to 30 cents. I don’t know why it would take longer for it to rally if thinks really get cooking.
I know that we all want AZMN to go to the moon immediately, but I actually would not mind a brief pull-back to 16ish. Holding there would confirm the break-out, build a good base from which to rally further, and give us one last buying opportunity at better value. We’ll see what this week holds.
Quote of the day: In this game the market has to keep pitching, but you don’t have to swing. You can stand there with the bat on your shoulder for six months until you get a fat pitch. Warren Buffett (Hopefully AZMN is a pitch to take a bit cut at!)
Thought for the day: A bird was getting ready to fly south for the winter but waited to long to leave. A major storm snow storm came through and stranded the bird on the ground. Cold and without the ability to fly away, the bird began to freeze to death. A cow walked by and accidentally dumped a steaming pile of manure on the bird lying on the ground. At first the bird was repulsed at the indignity and the smell, but it soon realized that the manure was warming it up. The bird was overjoyed. It was saved! It was so happy that it began to sing. It’s beautiful song attracted a stray cat that was walking around in the field. The cat walked over to the manure pile, saw the bird singing in the middle of it, and gently lifted the bird out of the smelly mess. The bird could not believe its luck…right up to the point when that cat ate the bird in one quick gulp.
The moral to the story: Sometimes life seems like a big stinking pile of manure. When that happens remember that it’s not always a bad thing. It’s frequently best to keep your mouth shut, because not everyone that offers to help you out of the mess is your friend.
Blessings to you all,
TFG
A final thought: I read with sadness CT’s “good-bye” post. I have not even met DeWayne yet. We live almost 2000 miles from each other. But in the short time I have been exposed to him and the Christian Traders community, I have grown attached to you all. I don’t know what all the reasons are for CT’s decision to pull back a bit, but I know in my heart that he is doing exactly what God wants him to do. Please join me in praying for God’s wisdom, guidance, and strength as he pursues his MANY paths of ministry.