3SOF

Oil stock.   Stock keeps showing up on all my screens.   Watch list.

ENG may have another rally tomorrow but I decided to take some profit. In GSX at $4.1.

Ram

triple bottom. should see a bounce as an oil and gas play.

updated chart. no position

https://wachseconline.wachovia.com/NASApp/eBrokerage/FUSResearch/GSX032007-142629.pdf

The above Wachovia report from March 20, 2007, has set GSX on fire.  Wachovia has set a target price of $5.50.  GSX closed at $2.09 yesterday.

$2.20 is some resistance, but it should just be some short term noise.  I expect $3.00 real soon.

$2.20 was some resistance for three days; but GSX broke through. 

The real test is the upper channel trend line at around $2.55-2.60. Because of the Wachovia report, GSX could be poised to break through finally.  I'll keep my on that range, though, and will sell if it bounces negatively.

11.2% of the float has been sold short; 8.8 million shares short.  Average daily volume is about 1 million shares.

http://finance.yahoo.com/q/ks?s=GSX

If GSX breaks through $2.60, then I think we'll see panic short covering and a fast track to the last local high of $3.44.  In fact, I am couting on just that. 

Out at 2.30 with a profit.  May look to reenter if it breaks 2.60.

Why did you sell buddjas? Just wanted to protect your profit? GSX still looks good to me but perhaps I need to re-evaluate.

Quote from: ygtrdr on April 02, 2007, 09:24:57 PM
Why did you sell buddjas? Just wanted to protect your profit? GSX still looks good to me but perhaps I need to re-evaluate.

I'm afraid of that upper trend line.  GSX needs to figure out what it wants to do; (a) continue the trading range down, or (b) break through the upper trend line of the trading range and go up.

It's in the process of figuring that out in the 2.30-2.35 range.  I just don't want to be in if scenario (a) occurs.  I'd rather buy back in for scenario (b), at about 2.6 and ride it to 4-5.

Yes, I agree that the trendline is worrisome. Seems to have a bid though. Thanks for the reply.

Buddjas I appreciate you posting your sell. It made me reconsider my position and was the difference between getting out with a 18% gain or selling this morning at a small loss. I guess it's a lesson learned to not put too much faith in an analyst even from a respected bank like Wachovia. Thanks again. Applaud to you.

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070410:MTFH84583_2007-04-10_13-12-55_WNAS5947&type=comktNews&rpc=44

Thanks.  Tough news from GSX today.  Shame on Wachovia for pumping the stock.

GSX showed some life yesterday.

Looks like she has turned the corner and is on her way to $3.

According to this statement we should see a PR by the end of this month,  if all goes well.


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