Tuesday, July 01, 2008

HYGS - update


HYGS was highlighted here at $0.90 with an initial target of $1.40. Today it's trading at $2.25 and I am revising my target up to $4.00.



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Ilene, who used to contribute her biotechnology expertise to uncover trading opportunities for us now has her own site where she assembles timely stock and economic articles across a broad spectrum of issues.  You can find  her work here.
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A

8 comments:

Anonymous said...

What is your $4 target based on?

Ryan Wolffe

Allan said...

Ryan- there is some resistance at 4.00 from the second half of 2006 and based on a Point & Figure chart, there was a Double Top Breakout on June 30th generating a Bullish Price Objective of 5.88. To be conservative, I chose the lower of the two targets.

A

Anonymous said...

Allan,
Do you have any protective stop on this.
thanks,

Allan said...

Do you have any protective stop on this

Not really, but I would be surprised (read: worried) if it fell below what I thought was resistance at 1.40-1.50. If you have a double and you can't watch HYGS all day, you might want to sell half, but otherwise, it's a day to day analysis.

A

Anonymous said...

Allan
Is HYGS in trouble with yesterday's move to 1.90 from 2.45 Appreciate your feedback. thanks as always

Anonymous said...

May be this is a time to add to the existing position. whats your suggestion Allan. thanks.

Allan said...

I am in HYGS from $0.70, so that colors my management of the trade. So far, a normal pullback. Remember this stock is up over 200%. If it is indeed going to $4-5, it will not be straight up and we will have to contend with these speed bumps along the way.

A

Anonymous said...

Allan,
Are you holding through the earnings (to be announced this thursday)
thanks,
Shyam