Posted by 28 May 2005

Chart Request: GeoResources, Inc. (GEOI) and Able Energy (ABLE)

This is a first — I got two requests for GEOI in the same day (actually within the same hour). Both GEOI(+242% YTD) and ABLE (+523% YTD) were on fire this week as they resumed their huge rallies from a few months ago. GEOI is looking pretty good right now since it just broke its 2-month long downtrend. Watch that it doesn’t slip back into the channel though!

One of the requests wanted to know how much higher GEOI could rise. A good way to gauge that is by the measured move method. (Let me know what number you come up with.)

Just for kicks, I thought I’d throw up an intraday chart of ABLE from Friday. That action was a day trader’s dream (or a nightmare for those who tried to fade it).

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Comments

  1. Posted by Monte' on May 30, 2005 at 1:08 pm

    I was in on the move on friday. I will be letting the profits run. Thanks again Mike.

  2. Posted by josh weinstein on June 1, 2005 at 4:07 pm

    What about shorting these two stocks now?

  3. Posted by Michael on June 1, 2005 at 4:14 pm

    I couldn’t short ABLE if I wanted to — no shares to borrow. Personally I’d have to wait for GEOI to start trending down before I tried to short it. But if that’s your thing…

  4. Posted by josh weinstein on June 2, 2005 at 4:21 pm

    It’s not necessarily “my thing”, I’m just looking for real quick opportunities either short or long to cash in on. See RNVS lately :) ?

  5. Posted by Michael on June 2, 2005 at 4:24 pm

    How things change. ABLE shares were available for me today, so I actually shorted some since it was so weak today. A short on RNVS was a big winner for me on Tuesday. :-)

  6. Posted by josh weinstein on June 3, 2005 at 9:51 am

    Man, hope you covered your ABLE shorts yesterday. It just took off like a rocket this morning. I think I might watch for a short opportunity today!

  7. Posted by Michael on June 3, 2005 at 9:53 am

    I got stopped out almost right at the open. Only reason I held it is b/c I fgured that there would be no more shares to borrow today — and I was right about that