How To Book Profits From The Other Side
To be quite honest, I don’t
know how they keep taking profits from some of these high fliers. When
a stock like OmniVision
(
OVTI |
Quote |
Chart |
News |
PowerRating) is getting ‘shellacked’ for a fourth day
in a row, I’ll go out on a limb and say that most investors selling by that time
are probably not taking profits (I’ll leave that bit of hocus pocus journalism
to IBD). What I do know is what I personally like to look for in reversal
positions, as I anticipate my own brand of profit-taking on an intraday
basis.
11:51:53
Intraday
Setup Alert
OmniVision (OVTI)
will trigger continuation longs above an intraday ascending triangle
at 41.50. The stock tested the 50% Fibonacci support level off its June double
pivot lows in today’s trade.
They might not agree with my buy
point over at IBD, but I have a distinct feeling that the ‘profit-taking’ from
my side of the coin was a bit sweeter than theirs, in today’s day of booking
profits in OVTI.