Saturday, July 24, 2010

Santos : STO : 2nd chance ?

At first glance, looks like Buy. But the upside seems rather limited considering the
resistance line on the weekly chart. Parallel channel lines on the daily chart seems
to suggest at least $14.50 to $14.75 which is also where the resistance lines on the
weekly chart meets. If stop is at $0.20 and working at 1:3 or 1:4 risk/reward ratio
target is about 60cts or 80 cts which will work out to $14.50. Whether it will go
higher, will have to see.






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