SEK - Seek Limited

[Sean K]

That significant break through the BB is a trading opportinity in my mind. I've bought stocks at the close in the past to capture the rebound, or 'dead cat' the next day, and it has worked. Too late for that now perhaps. Next support is technically somewhere down in the channel, maybe at 6.40. But I think it may bounce back over 7.25 ish support tomorrow. This is just a guestimate and I'll definately end up with egg on my face. I haven't looked into why it has dropped at all...

 

[nomore4s]

That significant break through the BB is a trading opportinity in my mind. I've bought stocks at the close in the past to capture the rebound, or 'dead cat' the next day, and it has worked. Too late for that now perhaps. Next support is technically somewhere down in the channel, maybe at 6.40. But I think it may bounce back over 7.25 ish support tomorrow. This is just a guestimate and I'll definately end up with egg on my face. I haven't looked into why it has dropped at all...

Thanks for the feedback Kennas. That's an idea I hadn't even thought about, could be a good short term trade, will keep this in mind if I see this again.

 

[reece55]

Don't know if anyone has been watching, but SEK has a large short position relative to daily volume that has just appeared on the radar.......

By my count, it would take 11.5 days for all the shorts to close out their positions here. Add to that 2 new sub holders and 3 strong tests of support, watch this one for a short squeeze....

Anyone more interesting, have a look at my blog entry...

Cheers

 

[reece55]

Still liking this stock - had a bit of dabble for a few %, but closed out due to general market weakness.

My review of the short sold list says that non of those short sellers are out yet and so still they have about 11 days before they can sell out...... I am watching for that strong green candle to break this descending triangle. Anybody else have a view here?????

Cheers

 

[hacheln_mice]

Re: "My review of the short sold list says that non of those short sellers are out yet"

If you don't mind me asking, where do you get the short interest from?

Anyway, here's the picture from a long term perspective. It's lookin good so far.
As long as the green line holds, it's set to go.

 

[reece55]

sorry hacheln_mice,
never ended up replying to you......

It is here if you are interested.

The link is also on my blog and I am aiming to highlight those stocks that have heavy short exposure on it......

All the best.

Cheers
Reece

 

[reece55]

Nice little break today, is this the start of something???

The short sellers are still in there, 8.3 Mil short sold, about 11 days to cover.....

Dutchy, you liking this potential setup???

Cheers
Reece

 

[nomore4s]

Hi Reece,

I've been watching this one for a while as well. Previously traded this and exited at around $7.45 after lower highs etc (stuffed the exit up slightly though) And have been watching ever since waiting for either a break up or down.
Needs to break $7.60ish as there looks to be some resistance at this level. Will be looking for an entry if it can do this convincingly.

 

[nomore4s]

Nice little break today, is this the start of something???

The short sellers are still in there, 8.3 Mil short sold, about 11 days to cover.....

Dutchy, you liking this potential setup???

Cheers
Reece

Reece wonder how those shorts are feeling after today. Nice strong day for SEK, looking very positive now. Will be interesting to see if it pulls back to test that $7.60ish area.

 

[Sean K]

This looks great guys. Have you bought this Reece, or is it just on a watch list? If I was watching this closer I might have bought on the initial break up out of the downward trend line, but certainly on the break through the horizontal resistance. Was probably always going to find all time high resistance tough, but looks likely to break through on forming that little pennant and momentum up. Support at 7.60 ish perhaps now. Of course, will fall over now. Damn it! Too many stocks to watch!

 

[reece55]

This looks great guys. Have you bought this Reece, or is it just on a watch list? If I was watching this closer I might have bought on the initial break up out of the downward trend line, but certainly on the break through the horizontal resistance. Was probably always going to find all time high resistance tough, but looks likely to break through on forming that little pennant and momentum up. Support at 7.60 ish perhaps now. Of course, will fall over now. Damn it! Too many stocks to watch!

Hi Kennas
Yep, got in at 7.60 break, looking very strong ATM, we will see how we go....

The short sellers increased their position on the break, they are up to 12 days to cover...... There is only one way this stock is going, a break of 8.00 will see it go nuts...... have a look at what happened with WOR when the shorts were stuck, SEK has the same potential....

Cheers

 

[CanOz]

Kennas/Reese there's a ton of analysis on this over on the Open Book thread. You should have a look at it from a monthly time frame, its against the trendline too. I picked up some on Tuesday so its bound to flop over now...lol.

Anyway, it looked like classic accumulation to me too.

Cheers,

 

[CanOz]

Sorry folks i meant weekly....you would have a much better R/R Reese, how did you spot it on the day, or did you see it the night before?

Cheers,

 

[reece55]

Sorry folks i meant weekly....you would have a much better R/R Reese, how did you spot it on the day, or did you see it the night before?

Cheers,

Hey Can..

I've actually had this one on my list for about a month due to the open short interest - the people who have a large position in a relatively illiquid company have most likely shorted on fundamentals (i.e. expensive P/E). I had a stab at it early, but closed out with a small profit. Wasn't going to miss this one!!!!!!!

Cheers

 

[CanOz]

Hey Can..

I've actually had this one on my list for about a month due to the open short interest - the people who have a large position in a relatively illiquid company have most likely shorted on fundamentals (i.e. expensive P/E). I had a stab at it early, but closed out with a small profit. Wasn't going to miss this one!!!!!!!

Cheers

So going on the remise that anything without any real value will be dropped like a bad habit, these people shorting are hopingthat SEK will be one of them?

Where do you get the open interest numbers from?

Also, you closed your posi because of the open short interest, or just because it was the time frame you were looking at?

Cheers,

 

[Dutchy3]

I'm long too ... the little blue arrow indicates on 150% of the 50 period average volume as well .... so this is doing all the right things ...

 

[reece55]

So going on the remise that anything without any real value will be dropped like a bad habit, these people shorting are hopingthat SEK will be one of them?

Where do you get the open interest numbers from?

Also, you closed your posi because of the open short interest, or just because it was the time frame you were looking at?

Cheers,

Yeah, some people don't understand that demand and supply is what affects price, not intrinsic value, even though on longer time frames stocks tend to revert to reasonable valuations.......

No, I bought a parcel when it broke through 7.40, but thought I was a bit premature and took early profits at 7.55 ish because the general market was looking weak at the time. Back in again now at 7.61 or 2, would have to check my platform.......

The open interest numbers for short positions on the ASX can be found on my blog in the trading links section, but it's here if you are interested. I break it down by days to cover on a weekly basis on my blog for ease of review.......

As I say, this is a huge position to be holding and a crack of about 8.00 will having them running for cover.........

Cheers

 

[reece55]

Bit of a weak close today, could this link have been why???

All the same, still think it is set to crack the $8.00 level, however only time/the market will tell!!!

Cheers

 

[nomore4s]

Have just posted some analysis on SEK on the thread below. Should have posted it here may be but we've been discussing it on the other thread.

Just don't expect too much, lol I'm a beginner.

https://www.aussiestockforums.com/forums/showthread.php?p=178205#post178205

 

[reece55]

And there we have, the break of $8.00, and it zoomed off.....

I'm still holding here, C.O.B Monday stated still 9 Mil short sold, so it's going to take them until next Friday to cover if they bought every share on offer!!!

Long live the short squeeze........

There were a few profit takers at the close however, so interesting times...

Cheers