First, I want to thank The Fly for publishing the list of low float stocks for his readers to analyze, investigate, and research. After looking over the list and analyzing their fundamental, I came upon $NCTY that was looking to shine brightly in the 2nd half of 2013.
Take a look at the weekly chart below:
The first thing I want to see is the possible V-shape correction to the upside simply because last week bar was a bullish green bar with volume higher than the last five weeks. This tell me that this week can be very bullish if the momentum continues.
Now take a look at the daily chart:
Yesterday green bar was a good sign for a bullish week. Since I only discovered this stock late Monday evening, my plan was to buy $NCTY if price did not drop like a rock in the morning. It did not. Thus, I went in and bought a decent size position thanks to the big ask that happened to be available in this small float stock. The stock god favored me this morning.
Fundamentally speaking, back in mid-2007, $NCTY was riding on a $50 stock price when its game “World of Warcraft” was raking in millions. After their WoW license expired in 2009 and with the money they made from WoW, they put it all back into new games that took them four years to develop. Fast forward to 2013, $NCTY is about to launch these games in 2nd half of 2013. By Jolly, it is about now! You can find out more information by clicking here.
I see the risk reward on this stock as excellent and that was why I jumped on to this opportunity without hesitation.
The Fly has been offering support to traders of all level for many years by showing us the doors to many opportunities, it is up to us, the traders, to investigate the doors to see which one fits our trading plan. Thanks to The Fly again for publishing the low float stock list.
My 2 cents.Comments »