I haven't posted on this one before. I had built a small...

I haven't posted on this one before. I had built a small position for a longer term hold between the high 50c and low 60c region. I liked what I saw with this stock but then when I came to the HC threads and saw forty was posting I couldn't resist:)

I had no intention of selling but when I saw it spiking last week I thought it was a bit overcooked and I bailed...perhaps just a bit too early and then crapped myself that I would be left behind....but I kept looking at the chart and waited out this week with sweaty palms and got back in (again with my smallish position) on friday. As you can see on the chart the SP got up above the bollinger band on the daily and the weekly (not shown) was pretty much the same. I bought back in on close Friday on the basis that WTP is back at the channel bottom (sky blue lines) and also just about at the bollinger band mid line (which happens to also be a 20 day sma). You can see by the blue arrows the lime green bolly band centre line has repeatedly been support over time and then failing that we have a 50 day ema (yellow line) just below that as further support.

Just looking at the volume in the 8 trading days prior to the spike it does look a little bit elevated and had been wondering back then if someone was trying to accumulate without attracting attention. Looks like they made their trade then sold the news in a hurry. I made a few cents on a lower entry which was a bonus trade so I gues I will just hold on nowand see what happens next.