Ask Tony
Tuesday, May 15^th, 2007

by Tony Golan
Chief Technical Analyst
StockProfit.com™

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Tony answers:

Jack,

ONT looks great.  On Monday, it gapped-up and rallied to close on its high of the day and at a new high with a white candlestick and above-average and rising volume.  This is a regular daytrade setup.

However, if you're already in it, and your timeframe is short-term, the best course of action is to place a good-till-cancelled (GTC) sell-stop at 2.71, .03 below Monday's low.  Then, at the end of every trading day in which the stock makes a higher high and a higher low than the previous day and closes above the open, move up the sell-stop to .03 below that day's low and keep moving it up until you get stopped out.

-Tony.

Tony Golan
Chief Technical Analyst

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