SEK - Seek Limited

[CanOz]

Gents
I have taken my last stake off the table today at 8.30...

Price query with no response will most likely hold the market back for a while, content to take my 9% return in two weeks....

Cheers
Reece

I just tightened up the stop, its not really worth it for me to sell, holding onto such a small profit. I'll let it retrace and trade it out.

Cheers,

 

[reece55]

I just tightened up the stop, its not really worth it for me to sell, holding onto such a small profit. I'll let it retrace and trade it out.

Cheers,

Best of luck can, it's been fun for me to watch this one..... As I said, with the price query will most likely come some sellers, but have a look at UGL, another heavily short sold candidate - eventually they fall over.....

Cheers
Reece

 

[nizar]

Well i beg to differ.
Still looks a goer to me.

One down day does not spoil an uptrend.

Still holding all of mine at an average of $7.90.

Well done reece on your 9%.

 

[Dutchy3]

Yes ... I've struggled with the SHORT thing too ... I see now that the register is tightly held so perhaps if a few of them got together they might drive the price lower ... still reasonably good $$$ passing through so these big fish would need to have very big/deep pockets to pull it off ...

Can only trade what I see and it don't look like a short to me tonight

 

[Nick Radge]

The short positions will probably be based upon pairs trading used by hedge funds. Long/Short funds are popular so it would surprise me that some are operating in Australia.

 

[CanOz]

I wonder how many shorts are left now....is it possible to attribute all of this increase to shorts covering?

I'm still hanging on but i think i need a retest to establish a new low, then i can move my stop from breakeven point a little higher.

Cheers,

 

[nizar]

I wonder how many shorts are left now....is it possible to attribute all of this increase to shorts covering?

I'm still hanging on but i think i need a retest to establish a new low, then i can move my stop from breakeven point a little higher.

Cheers,

Good to see your still in this bro, i am as well.
Its been textbook so far.

Agree with the stop, Theres no real support until $8.00.

 

[gregcourageous]

can't believe i sold my holding at $5.50 for a 20% profit :-( i always had a bad feeling it was something i was going to regrett

 

[deftfear]

It appears the shorts have been getting bigger, up to 3.64% of all shareholdings now, up from 3.19% on the 9th. This could possibly be good or bad, bad if the people shorting know something we dont, maybe about half year profit, and good if these people know nothing and are just shorting because they think the price is too high. Since the beginning of the month it has just gone north, looks like it needs a break though

 

[nizar]

Im not really fussed about number of shorts.
Its never something Iv considered and iv no reason to start now.
Only thing thats important to me is the PRICE.

Looks to me the short-term top is in at $8.85.
Its been going almost verticle since $7.20ish.

 

[Fab]

What about the result that whee just released? They appear to be very good nevertheless what bugs me is that the dividend payment from SEK has not changed.

 

[vishalt]

Made an entry to SEK at support, 8.87 (bit of a premium) but yeah, I think the stock is respecting support well and looking pretty healthy, I'm convinced that the bull market is resumed and that it'll test its highs again soon and make a break to $10.

 

[MRC & Co]

SEK has found some fantastic long-term support now and massive accumulation looks to be taking place.

I bought today with a stop placed at 4.78 for a very low risk play.

See how we go.

Any others getting on at this point?

 

[Porper]

SEK has found some fantastic long-term support now and massive accumulation looks to be taking place.

I bought today with a stop placed at 4.78 for a very low risk play.

See how we go.

Any others getting on at this point?

Yes I am in a short position, and will pyramid that position if it breaks to the downside below $4.80.

I agree that there is some support around this level, but I think the risk is to the downside still.If we consolidate around $5.00 with this higher volume and break up, I will be looking at entering a long position.

 

[MRC & Co]

Interesting to see the different perspectives taken by traders.

I agree, the trend is down, no doubt about it. However, it already looks to have consolidated to me. These volumes are unprecedented for SEK and the spreads are very small. I would say it has found extremelly strong support at this level, both short-term, but more specifically long-term, at a level of which held resistance and has support ever since.

RSI shows a positive divergence, with price dipping to lower lows, but RSI seeing higher lows.

Fundamentally, I value SEK above where it is currently, around $5.30.

Quiet a confluence of long indicators to me, and since support is so close, my position size is quiet large. If this moves my way, I will be a happy man

Good luck!

 

[nomore4s]

Interesting to see the different perspectives taken by traders.

I agree, the trend is down, no doubt about it. However, it already looks to have consolidated to me. These volumes are unprecedented for SEK and the spreads are very small. I would say it has found extremelly strong support at this level, both short-term, but more specifically long-term, at a level of which held resistance and has support ever since.

RSI shows a positive divergence, with price dipping to lower lows, but RSI seeing higher lows.

Fundamentally, I value SEK above where it is currently, around $5.30.

Quiet a confluence of long indicators to me, and since support is so close, my position size is quiet large. If this moves my way, I will be a happy man

Good luck!

A couple of questions if you don't mind.

What's your time frame for this trade? Is it just a quick swing trade? Or something longer?

What's your price target?

From my point of view I don't see much consolidation at all. The high vol has come in to provide support at the $4.80 level but a bit more work is needed imo. If we are to see a new uptrend I would want to see a decent base built first.

This might provide a quick trade if it breaks up, but I wouldn't be expecting prices any higher than $6.00 but more likely $5.40 - $5.60.

P.S - A big down night in the US tonight might test support.

 

[MRC & Co]

Don't mind at all.

Timeframe, definately a quick swing trade (these are the only trades I see fit for this type of market environment), but I will keep riding if the markets are feeling generous.

One thing I do not do, is set price targets. I just cannot see a point, as long as there is minimum risk (in this case 11 cents) and decent room to move (no close overhead resitance relative to the risk), I will enter. I don't have a good idea which way it will move, let alone an idea of the price it will reach. Only trade according to a few parameters and try and stay on the path of least resistance. I would be very happy on a move to $5.40-$5.60 with that type of risk!

To me, the volume looks very suspicious, not your general provision of support. Looks a lot like accumulation starting to take place (much like the TOL situation lately, which has shown promise, just need the gap above to close, where resistance will probably be seen, but only time will tell). You could nearly call it a micro-double bottom too, depending on your parameters.

A downturn in the US tonight surely could see it test support or break support, but you could say that about any stock. Even a move up in the US tonight could see the same fate for SEK, or perhaps kickstart a quick move up. My parameters are set, and now its just a matter of managing the trade.

Cheers

 

[nomore4s]

Don't mind at all.

Timeframe, definately a quick swing trade (these are the only trades I see fit for this type of market environment), but I will keep riding if the markets are feeling generous.

One thing I do not do, is set price targets. I just cannot see a point, as long as there is minimum risk (in this case 11 cents) and decent room to move (no close overhead resitance relative to the risk), I will enter. I don't have a good idea which way it will move, let alone an idea of the price it will reach. Only trade according to a few parameters and try and stay on the path of least resistance. I would be very happy on a move to $5.40-$5.60 with that type of risk!

To me, the volume looks very suspicious, not your general provision of support. Looks a lot like accumulation starting to take place (much like the TOL situation lately, which has shown promise, just need the gap above to close, where resistance will probably be seen, but only time will tell). You could nearly call it a micro-double bottom too, depending on your parameters.

A downturn in the US tonight surely could see it test support or break support, but you could say that about any stock. Even a move up in the US tonight could see the same fate for SEK, or perhaps kickstart a quick move up. My parameters are set, and now its just a matter of managing the trade.

Cheers

Strong break up and out of the trading range today. You must be happy, well done. Good luck with the rest of the trade.

 

[MRC & Co]

Strong break up and out of the trading range today. You must be happy, well done. Good luck with the rest of the trade.

Thanks. Yeh, doing well today, hopefully the markets continue to be generous. TOL doing the exact same too, accumulation and a gap to close.

Accumulation and a micro-pattern or strong support trades have been doing well lately.

Another which has come up today is EQN if you want to check it out.

Cheers

 

[MRC & Co]

This one formed a flag pattern and today looks like it is ready to move again after some obvious profit taking, which was easily sucked up by demand. By the looks of the candle today, perhaps that is the last of the sellers and it's now time for a decent move.....closing above the previous high of the flag of 5.59 (closed at 5.60).

I would expect to see a strong day tomorrow and perhaps a bit longer run this time!

Anyone else get on SEK (or perhaps still shorting), or have any thoughts?