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Pacific Ethanol (PEIX) Stock Analysis January 2012
Pacific Ethanol (PEIX) had a nice reversal day today and held the recent $1.00 support level. I bought PEIX in my penny stock fund today because I like the price action and the chart. Below are some key levels I will be watching over the next day or two. I have a stop placed at $1.02 so If I am wrong about PEIX, I will be stopped out with a minor loss assuming there isn't horrible news that comes out after hours and causes a large gap down.
Pacific Ethanol (PEIX) Stock Analysis - January 2012
PEIX Resistance Levels - $1.29, $1.61, $1.85, $1.88
PEIX Support Levels - $1.07, $1.03, $1.00, $0.85
Pacific Ethanol (PEIX) has an interesting chart pattern right now because I feel a big move one way or the other is coming. If Pacific Ethanol (PEIX) closes above $1.29, I feel it could gain some big momentum. The next stop would be as high as $1.61 and then $1.85. A break of $1.88 at any point down the road could send PEIX into the mid $2's.
On the downside, PEIX recently hit $1.00 and bounced. A break down below $1.00 would be bearish and PEIX becomes a sell.
I plan to buy more PEIX outside my penny stock fund on a break above $1.29 for a trade. The 200 day moving average is also coming into play. PEIX hasn't closed above the 200 day moving average in a long time as you can see by the chart. A close above this level would be huge technically. These are the things that have me excited in the short term about this stock with minor risk since I am in at $1.06.
Tags: 2012, analysis, buy, ethanol, news, pacific, peix, stock, stocks
Views: 3832
Replies to This Discussion
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Permalink Reply by Veed C on -
Any one notice a cup and handle formation here? A break of 1.88 can send this up and up!
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Permalink Reply by Stocks To Buy on -
Yes, that would be phase two of the break out, first PEIX needs to resume the uptrend by breaking $1.29 and spiking with heavy volume, closing above this level. PEIX could still break down so It is not a sure thing...that's why I have a stop loss order in place.
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Permalink Reply by Veed C on
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You're right Tim. I was just getting ahead there. Long way between 1.29 and 1.88!
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Permalink Reply by Stocks To Buy on
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Yea I understood what you meant.....the cup and handle is there - PEIX is fighting an uphill battle today with the market being down so much....let's see what happens.
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Permalink Reply by jiafeng zhang on -
Interesting.
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Permalink Reply by Vinay S on
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Thanks Tim for the alert! Market seems to be down today. You think this will affect PEIX?
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Permalink Reply by Stocks To Buy on
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That's one thing I am afraid of, we had a lot of momentum in the market recently and if it rolls over, PEIX might go down with it.
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Permalink Reply by Stocks To Buy on
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PEIX hit $1.10 at the open, ran to $1.24, dropped to $1.11, and recently hit $1.18. You have a lot of day traders getting in and out trying to either flip the shares they bought yesterday or trying to time a possible break out. Today will be the largest volume day since the $1.29 high was made on 16.5 million traded.
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Permalink Reply by Stocks To Buy on
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Yes, PEIX had another great day on Friday, excited to see what Tuesday brings. The 200 day moving average should be down to $1.32 on Tuesday. Everything is still looking great for the stock going into earnings season.
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Permalink Reply by Stocks To Buy on
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PEIX failed at $1.24 today which was Friday's high. Resistance is located at $1.24, $1.29 this week. Support $1.10, $1.07, $1.03
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Permalink Reply by Stocks To Buy on
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The time has come to move my PEIX stop from $1.02 to $1.10. This was the low on Friday and is also where the 10 day moving average is located. If I get stopped out, I can always get back in if I see strength.
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