Parallel Energy Trust worth putting on your watch list
There does seem to be some support at $7.75 but I would want to see the selling abate before I stepped up to the plate.
January 18, 2012 | Posted in Energy | Read Article »
There does seem to be some support at $7.75 but I would want to see the selling abate before I stepped up to the plate.
Overall I would not be chasing this stock.
Currently the RSI is moving lower and the MACD is not suggesting a buy.
At this point it would be best to wait for the downtrend to reverse before buying.
On a pull back I would look for support at $20.50 and below that at $20.00.
With the 5.6% yield and the strong business case I would be a buyer until we see a change in direction
The lesson to take away from this case is that holding a stock in a steep decline is a bad plan.