Written by Jeff Pierce, Zentrader
It never reached our previous buy target so I’m adjusting it.
When a stock makes a big move it is sometimes not the best thing to make aggressive bids to buy. This article recounts a particular example of a process that has taken more than a month to play out so far without yet getting a positive result. Being patient doesn’t pay quick dividends and sometimes pays nothing. But avoiding buying a rocket just before flame-out requires a process such as this even if some buys are never made.
Dec 12 Update:
Nov 16th update: buy target for GOGO
Nov 13th – GOGO has been one of those stocks that when I look at the chart it’s not quite a stock that I want to buy anytime soon, but it’s one that the strength is undeniable and when it has a decent pullback and goes off of all the momentum player’s radar I want to buy into.
When will that be? It depends if it has a traditional pullback or a sideways pullback, but either way this needs to pull back in price or have some time pass before I’ll be interested. The good news is now that this is a featured stock on the “Look at this Stock” so I’ll be keeping tabs on it and updating you when I think it’s a buy.
Recent IPO has a significant case of negative divergence.
