SUPERMX
SUPERMX made yet another new high!
Back on 11 Nov 09, I wrote that the swing target for SUPERMX is RM4.36 and RM4.97. See my article in
Both targets have been reached.
I took partial profit at RM4.37 on 28th Dec 09 but decided to ride my profit when RM4.97 was hit today and protect my profit with Chandelier Exit.
The Chandelier Exit reading at the end of today is RM4.92. See daily chart below.
SUPERMX Daily Chart 6th Jan 10
Where is the next swing target? I am looking at the 138.2% and 161.8% Fib expansion targets at RM5.58 and RM5.95. See weekly chart below.
SUPERMX Weekly Chart 6th Jan 10
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Target at RM5.58 hit and getting higher. I'm still in becoz I want to ride the profit. Next target is at RM5.95. This is the 161.8% Fib expansion target.
ReplyDeleteThe latest Chandelier Exit reading for SUPERMX is RM5.21.
Chandelier Exit is a method to protect profit. It is useful when a stock keep on making new high. It provides enough cushion for the stock to tolerate the ordinary fluctuation to allow us to optimise our profit but enough protection against price reversal.
ReplyDeleteIt is essentially the highest high of a chosen look-back period minus the multiple of the stock Average True Range (ATR).
I use 20-day look-back period and 3 as the multiple for the ATR. It is not normal for a stock to move below 3x its ATR so when it does it indicates a possible reversal. Basically when price closed below the Chandelier Exit we take our profit.