GIGM - Sector: Technology---Industry: Multimedia & Graphics Software

[Ramsburg]

Hi Jorgegr,

From the Homepage there is a link to the search on the menu. But in the message board, you have the direct search box, not at the bottom, but at the top, this is the actual search engine for the 3SOF platform (the google search is not very good searching inside 3SOF).
I'm not sure why you dont see the search box, maybe you have your top header minimized, to open it just click the button on the left side of the menu at the top of the board.

When I search «GIGM» there, the first topic I get is the one inside our premium zone, and the second one is this post where we are right now (a non premium member sees this one in first place).

I think this problem is related with users using the google search at the bottom instead of the 3SOF search box at the top. Let me know if this helps ?

regards,

[jorgegr]

Yes, this is why I didn't see the search box:

I'm not sure why you dont see the search box, maybe you have your top header minimized, to open it just click the  button on the left side of the menu at the top of the board.


Thx

jorgegr

[Melf Elf]

Basis the hourly chart below, GIGM broke out of a Symmetrical Triangle this morning at about 10.87 (it's difficult to calculate on these on intraday charts).  That puts 11.48 IN PLAY, and also about 12.10 IN PLAY.

Math:

High of the pattern, at #1: 11.48
Low of the pattern, at #2: 10.25

11.48 - 10.25 = 1.23 points, added to the breakout at 10.87...

10.87 + 1.23 = Target 12.10 IN PLAY (roughly)

Never any guarantees that targets will get MADE, of course, but when  stocks like GIGM  have big "bust out" rallies, like it did on the rally to the high of 11.48, the rally tends to be more sustainable if the stock consolidates, builds another bullish pattern like this Symmetrical Triangle from which to launch another rally, then breaks out again, like this morning.

That's called a bullish consolidation/bullish continuation pattern.

Support is placed @ $10.25

Right, Frederick.  That's the low of the Symmetrical Triangle, at #2 on the chart.  That's "last support" for this move.

1. First support is the up trendline, connecting #2 and #4.  The slope is about one penny per hour, so it's currently at about 10.50, and will keep rising about a penny each hour.

2. Next support is 10.44, at #4.

3. Frederick's 10.25 is "last support," because a print of 10.24 would be a "lower low," below the entire Symmetrical Triangle.

If, for example, GIGM "Double Tops" here, near the 11.48 target IN PLAY, watch those three levels for support.  Using any of them for a stop to lock in profits certainly would be reasonable.  Depends on individual tolerance for risk/expectation of reward on the trade.

Just a suggestion.  Good luck, everyone!

 

[Tirebldr]

Has anyone noticed the chart, beginning in 2000. Nice looking Cup with a Two month handle in Jan-Feb, Breakout Jan 23, 2006.

[Ramsburg]

Excellent Technical study Melf (applaud)

Update:
For yesterday's session, I didn't enjoy the close (not near the highs of the day), but I did enjoy the volume...
The last 5 sessions are looking much more like a triangular consolidation pattern, excluding spikes we can set $11.15 as the top resistance level. Like Melf said, the $10.25 level is the last support, being $10.44 right now the main downside reference for short term purposes.
We should maybe upgrade our stop level, but in other hand and taking into consideration the spikes this pattern may have, I rather give a bit more room, so we'll keep the exact same plan for now:

Trading Plan:
Hold GIGM with a stop @ $10.00

Regards !

[Dracull]

Seeing the 1 year picture and the performance of the last sessions , we can see consecutive higher lows  while the highs of the day remain at 11$.
This formed a rising triangle with a horizontal Resistance that needs to be broken or else we will see the triangle get broke in a downside fashion.

Don't you agree?

[Ramsburg]

Seeing the 1 year picture and the performance of the last sessions , we can see consecutive higher lows  while the highs of the day remain at 11$.
This formed a rising triangle with a horizontal Resistance that needs to be broken or else we will see the triangle get broke in a downside fashion.

Don't you agree?

Totally agree Dracull (applaud), GIGM is now performing a short term consolidation triangle, this setup is most likely to be broken to the upside, but a break to the downside would mean at least a longer consolidation pattern and a probably a test to the lower support levels.

Update:
GIGM is still inside the triangular short term formation, resistance near $11.15 and first support going now up to $10.72. Like was said above, this kind of formations are most likely to be broken into the upside (it's a bullish consolidation pattern), that's what we expect from here, but nevertheless and since this short term outlook is now much more clear we're able to upgrade our stop level at this time, so the trading plan is: 

Trading Plan:
Hold GIGM with a stop @ $10.50

Regards !

[SmartWrasse]

I know you guys have a good technical trading plan.  Hopefully there will be some news to help an upside breakout.  You may have seen this posted on Yahoo

Online gambling being considered by Chinese Gov.  http://news.com.com/2061-12572_3-6115701.html

[Melf Elf]

Basis the hourly chart below, GIGM broke out of a Symmetrical Triangle this morning at about 10.87 (it's difficult to calculate on these on intraday charts).  That puts 11.48 IN PLAY, and also about 12.10 IN PLAY.

After the 11.48 target MADE (and was exceeded at the 11.55 high), GIGM sold off to the Symmetrical Triangle breakout (thin white down trendline). 

The 12.10 remains IN PLAY as long as that down trendline holds, and it held yesterday, almost exactly.  That hold of support is very nice, technically, and it's "suggestive" that the stock will go higher, but we know that there are no guarantees.

Hold GIGM with a stop @ $10.50

I like that, Frederick.  Applause.  It locks in a very nice gain.

The up trendline of the Symmetrical Triangle rises slightly more than a penny per hour, so it's currently at about 10.60.  If it should break to the downside, it's certainly conceivable that GIGM will re-test the Rising Channel breakout, currently down near 9.80.

[AussieTrader]

GIGM tried to break out the bull flag but unfortunately failed somewhat. I sold half my position as it pulled back from the days high as I didn't like the possibility of a failure pulling back to support. Although I still think there is a lot of upside power in the tank.
So, I don't want to miss any possible strong moves so I will have a re-entry strategy on 2 levels:
1) Enter on the breakout above $11.50 (which has proven tough to crack)
2) Enter on the pullback to support, this will start at the 9ema, but will watch how that goes.

I expect the Mahjong for money / licencing news release (if it happens) to be a great catalyst to add fuel. Also I see there is possibility (reported here in Chinese http://it.sohu.com/20060915/n245362409.shtml) that Yahoo might be buying Wretch (20% owned by GIGM) for $21M. So if that is true more $ to the bottom line in the pipe.

Good Trading

[Melf Elf]

GIGM tried to break out the bull flag but unfortunately failed somewhat.

Aussie,

Ha!  I just was studying that.  Good observation! 

The top of the short-term pattern came in on Friday at 11.597.

The top of the longer-term trendline from from the July 3 high came in at 11.66.

Friday's high was 11.62.

I sold half my position as it pulled back from the days high as I didn't like the possibility of a failure pulling back to support.

Congratulations, and applause for your nice work on this stock.

Some observations:

1. At May record earnings, everything looked fine with the fundamentals.  Lots of good news.  Analyst upgrades, etc.  GIGM topped right there, broke a Bearish Rising Wedge a few days later, and tanked more than 40%.  UGH...

"When everything looks great...it's too late."

Not always.  But, often.  It's that counter-intuitivity of the market again: "Sell the good news...it's already been factored in," or "Buy the bad news...we already know that things are terrible."

The charts can help us to decide "when" to make those buy and sell decisions, like your decision to sell some at the top of this Bear Flag/or Bearish Rising Wedge, and see how it shakes out.  That's very nice play, Aussie, banking some profit in order to defend against what could be at least a short-term selloff.  As you say, you can get back in higher on a breakout, or get back in lower.

2. As I mentioned, in addition to the top of the short-term pattern being resistance so far, the intermediate-term trendline off the July 3 high of 9.13 clearly is acting as resistance, with 5 hits to it:

After the trendline was established, connecting Red #1 and Red #2, the trendline came in on:

September 8, at 11.429.  The high was 11.48, for Hit #3

September 13, at 11.57.  The high was 11.55, for Hit #4

September 15, at 11.66.  The high was 11.62.

That trendline will come in on Monday, Septermber 18, at 11.707.

3.  I've been posting hourly charts for the current pattern, after the Bullish Channel breakout (pattern in green on this daily chart).

It started out as a Symmetrical Triangle breakout, at about 10.87, (posted above, if anyone needs to refer).  The target of 11.48, which was a return to the top of the pattern, MADE.

We now have the possibility, as you pointed out, Aussie, of a pattern "morph," or change, into a Bearish Rising Wedge/Bear Flag, and I view the fact that the highs of this pattern are occurring right at the intermediate-term trendline off the July 3 high as an added caution.

4.  Basis this daily chart, the bottom of the current short-term pattern comes in on Monday, September 18, at 10.822.  That "should be" first support on any selloff.

5. A break above the top of the trendline (the 5 hits) "should be" meaningful on the upside.

Good luck, everybody!

[Melf Elf]

Bought it back last friday @ 10.28 and now sold my GIGM again @ 11.02 for a 7 % profit! 

Se7en,

Did you use the .618 Fibonacci retracement of the September 7 big white candle for that re-entry?

Now that I think about it, I'm pretty sure that Se7en re-entered GIGM right at 10.28, after selling it above 11.00, then he sold it again above 11.00 (I think).  I don't know if he used the .618 Fibonacci retracement for his 10.28 re-entry, but that was nice trading!

Whatever you used, that was TWO nice trades!  Applause.

[Se7en]

Bought it back last friday @ 10.28 and now sold my GIGM again @ 11.02 for a 7 % profit! 

Se7en,

Did you use the .618 Fibonacci retracement of the September 7 big white candle for that re-entry?

Now that I think about it, I'm pretty sure that Se7en re-entered GIGM right at 10.28, after selling it above 11.00, then he sold it again above 11.00 (I think).  I don't know if he used the .618 Fibonacci retracement for his 10.28 re-entry, but that was nice trading!

Whatever you used, that was TWO nice trades!  Applause.

Yes and no, I didn't exactly use it, but I tried to grab some shares around 10.30 somewhere halfway the big white candle, that was my goal! I must admit I was a bit lucky to buy it at almost the low of the day. On the other hand,l I had been watching it all day so I guess I was rewarded for my patience!

I'm curious what next week will bring, if it dips i will be a buyer around the 9MA @ 10.63, chart looks like it might go either way ...

[Ramsburg]

Aussie and Melf, thanks a lot for your important inputs on this topic (applaud)

Update:
Last Friday, GIGM opened strong with a gap up, breaking out the consolidation zone to new highs, but selling off after that and filling down the gap. The close was nice, since it was above the top of the consolidation zone, so despite the black candle GIGM is still acting according to its bullish pattern, but the candle itself was not a great sign and let us a bit apprehensive for short term.
We're going to upgrade our stop and wait developments:

Trading Plan:
Hold GIGM with a stop @ $10.70

Regards !

[Melf Elf]

That trendline will come in on Monday, Septermber 18, at 11.707.

We're right there, at 11.70, for Hit #6 to that intermediate-term trendline, and GIGM is stalling a bit in recognition of that trendline resistance.  GiGM needs to punch through here, and head for the 12.10 target that is IN PLAY.

In a situation like this, where a stock keeps finding resistance, it's not a bad idea to bank some like Aussie did, to defend against a selloff and possible break of the pattern. Especially this close (3.4%) to the 12.10 target.

Just a suggestion.