Tuesday, February 24, 2009

Bullish on SFLY

After reporting blowout earnings a few weeks ago and rallying, SFLY has quietly consolidated into a nice bull flag pattern. It has retraced roughly 50% of the sharp advance it made and now after Tuesday's nice candle looks ready to bust higher thru 8. I want to see some nice volume as it gets over 8. This is a small cap that is a bit thin on the volume side so always use limit orders. I think it has a great shot at rallying into the 200 ema just under 10 where I would take profits.

Buy SFLY on a breakout over 8
Stop loss at 7.43
Profit target at 9.85

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