Since 11:30 Play has been rubbing up against its 30 tick average (above). This kind of consolidating move can lead to a tremendous breakout so keep an eye out!
I have a rare no stop trade on my $22.50s even though I am already up 20% (another time you should probably do as I say, not as I do) because I am amazingly confident in this one. This stock has a p/e of just 14, Apple is shipping new record #s of Ipods with Play’s workings, the company grew revenue 400% in ’04 and another 200% this year and Management just told the market that nobody’s getting this stock for less than $27 in a secondary and they raised guidance by 10%… 23% of the float is shorted and they will be squeezed out if we cross $26 for sure.
The 1:28 action is just what you want to see, a push against the ma prior to a move up… 1:35 – confirmed, looking oversold as it bounces off the ma, very bullish sign, unless the nasdaq tanks, say goodbye to 24! This action looks much like last Tuesday when it gapped up from $20.30 to $21, drifted for a day then shot up to $22.50 the next day.
