Updates on PACT

PACT gapped up on Mon, broke 11 for a short period of time but failed to stay above it. I sold into the strength when it broke 11 for the first time. As I've said on Sun, any gap up with no significant cause (news) would most likely fail to hold eventually. PACT is no exception:) As I predicted, it could not stay above 11 due to lack of news and momentum and retraced back to 10.5 afterwards. Today it fell again to as low as 9.75 which is not what I was expecting for. But taking into account of the widespread bearish behavior of the general market, such a drop should not be a big surprise. I bought back some of shares today at 9.87 and I will keep a close eye on it tomorrow to see if it can maintain its upward momentum. Until I see a clear breakout of the current resistance around 11, I will prefer only to day trade this stock. For those intermediate-term investors, if it can not break 10.5 in the coming two days and stay above it, it is time to take your profits and run:) If that is the case, I will have the new entry point for you when the chart says so. Good Luck!