Tuesday, March 23, 2010

Bought NOL

Friday 19th Mar 10. Bought 10 lots NOL @ 1.97.

It had rebounded off its resistance-turned-support line at around 1.93. I bought the day after. It went below that the next day, but seemed to recover today.

Resistance at $2.20.

The retest of the 1.93 line a few days ago is not significant enough to make it a 'previous low' when viewed on a longer timeframe... I am a little uncomfortable buying with such 'flimsy' support...a break here would not convince me the trend was going down...hence the trade is a little too 'short term' for my liking... to open to be whipsawed.

But there's not much to buy...