AXYX

[David Randolph]

Perhaps I will have to concede that stockpicker is right and I'm wrong on AXYX, no problem with that. But I have to give the stock a chance to hold on to it's support at $1.32 and rebound from that level.

[David Randolph]

AXYX did rebound from $1.32, altough on low volume. I don't mind the stock goes up on low volume, since my account changes with price changes, not with volume changes.

Positive signs, keeping the stock.

[David Randolph]

Volume continued to be on the weak side and prices retreated a bit. Sticking to the plan of selling with a profit around $2 and with a small loss if we get a close below $1.32.

[David Randolph]

I'm getting sick and tired of false breakouts, but of course one can't argue with the tape, the market is what it is and there's only one winner on a discussion between a traders views and wants and the market: the market !

I guess we'll see AXYX closing below $1.32, everything points to that. But perhaps the 50 day simple moving average is providing a better support than this horizontal level. The 50 day SMA has a positive slope and I think we're still going to get that rebound to somewhere around $2, the reasoning for this trade still exists, and that is that the stock overreacted to news on that 50% gap down on February the 7th. That gap down produced an open at $1.96. AXYX should trade above that level now that we have a short term advance phase.

Giving a bit more room to AXYX, only a close below the red line on the chart will make me sell the stock.

[David Randolph]

I'm getting more and more prepared to sell AXYX with a small loss. But I have to be disciplined and keep the initial plan, so I'm not selling today.

[David Randolph]

AXYX did surprise me with this rally out of the $1.32 support (again). The rise happened not because of strong demand but because of lack of supply. This is exactly what I expect from AXYX, after such an enormous fall in a short period of time, I think the people who really wanted to sell already did so.

So there's room for the stock to rebound to the $2 area, correcting a bit of what was an overreaction to some news item.

[David Randolph]

What a positive surprise AXYX has been, rebounding from the $1.32 support level with higher volume.

This goes to show how important it is to have a simple plan and then let the market, the best judge, to know what's right and what's not.

I'm looking for something around $2 to sell this position ...

[David Randolph]

Nothing new on AXYX, one close outside of the $1.32-$1.62 will provide short term direction. Hope it is $1.62 who will break, sitting on a small 7% profit at current prices.

[David Randolph]

Still hoping for the best but prepared for the worst on AXYX. The first close outside of the $1.32-$1.62 range will give the medium term direction of the stock.

[David Randolph]

It wasn't pleaseant to see that AXYX couldn't make it to the top of the range, around $1.62. Volume on the advance phase was weak too.

This may mean the stock will break before it advances. I see a symmetrical triangle pattern now. So my trading plan will change a bit:

1) Sell if the stock closes below the ascending trendline
2) If AXYX makes a bullish breakout, closing above the descending trendline, I'll calculate the technical target of the breakout and try to sell there with a profit.

[David Randolph]

The open was promising but then AXYX fell back. The technical boundaries are pretty much clear, and so is my trading plan. Hold the stock as long as it closes above that blue ascending trendline and hope for a breakout of the descending line.

This is a short term symmetrical triangle pattern.

[David Randolph]

AXYX isn't giving much hope, I'm getting more and more ready to take a small loss on this one, just need a technical confirmation to do it. But I'm not selling today, it still closed above support.

[David Randolph]

AXYX doesn't stop surprising me. When I am absolutely ready to take my small loss the stock rallies. Still on that symmetrical triangle. AXYX closed on after hours at $1.54.

For today, the lower limit of the triangle is $1.39 and the upper limit is $1.56. I hope it breaks out on the upside.

[David Randolph]

AXYX has an amazingly tight technical pattern. Something has to give, be it bullish or bearish. I hope it is bullish and I fear it is bearish. Either way, I'm prepared for the outcome and will take appropriate action.

For today the descending resistance will be at $1.55 and the ascending support will stand at $1.40.

[David Randolph]

AXYX continues to be very undecided. But it must decide in the next few days, as the triangle is closing on the chart. Support for today is at $1.41 and resistance at $1.55, an extremely tight range.