This has become one of my best winners for 2008. Rode this from 18s to 41s. After selling at 41, left a few points on the table. I have again taken a small position in mid-33s. Please observe the chart carefully. I have drawn three trendlines. The lines are marked explicitly with red arrows. PDO has to breakout out of all the THREE trendlines.
Now, with oil making new highs, PDO gets support from its sector.
It is important to be in right sectr and right stock to maximize gains.
So, now matter what the general market does, PDO should continue in strength after it breaks out of the trendlines.
Good Luck !!
3 comments:
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