TBGI (Transpacific Broadband Group International Inc.)
Posted by Arnold DiazSunday, June 28, 2009 18:04
There’s nothing interesting to see in TBGI if you consider its long term chart but there’s an opportunity to make money from this in the short term.
Let’s start with a bit of a recap on this stock. From April of this year, it started to climb from 2.6 low to a high of 3.45 then retraced to 3 which is near the 50% Fibonacci retracement, targeting the Fibonacci level at 150%. On June 9th it reached a high of 3.8; 12 points higher than the extension target at 3.65.
If you bought this stock at high, there might be still a chance for you to get out (If you’re lucky). Looking at the chart below, TBGI is currently stalking the 78.6% Fibonacci retracement and it seems to be trading within a channel pattern. The target is near the channel resistance or at 4 (127%).
I may call a buy on TBGI if it closes above 3.25 with good volume. When that happens, TBGI is not out of the woods yet. It might run into a potential reversal zone which is between 3.5 and 3.65. It’s a valid resistance because those who bought at high will sell at break even or better. If you bought below 3 or lower, just hold on to it until it closes below 3.1 or reached our target at 4.
Recommendation: Buy on breakout
B: 3.3+ (Must have good volume)
S: 3
T: 3.5/3.65/4




















