PT (Portugal Telecom) will trigger an AGGRESSIVE long entry on a break above 0.95. I have yet to determine my exact price targets but plan to follow up with some suggested target levels assuming the stock makes a sustained break above the 0.95 resistance level. However, the 60 minute chart below shows some potential near-term targets (actual resistance levels shown, best to set sell limits slightly below) and the two gray horizontal lines on the daily chart also represent some possible targets. As of now, my focus is on the 60 minute chart, currently targeting that gap that runs from about 1.13 to 1.17, which would translate to about a 20% gain if hit. As such, a stop of around 6-7% would make sense for those targeting that area. 60 minute & daily charts below:

A few days ago, I posted here about flexible vs. rigid trading plans. The previous (and only other) trade on PT was a long trade that was completed for a 28.4% gain back on January 17, 2013. Two days earlier, my analysis of the charts convinced me to revise down my final target from around the 6.70 level (T3) and make T2 (5.65) my final target. Just two days after that downward revision suggesting to book full profits if & when T2 (5.65) was hit, PT hit that final target. The very next day, Jan 18th, PT reached a high of 5.49 and immediately embarked on a plunge of over 86%, never looking back. Just another example of reacting to changes in the technical of a position and not becoming married to a trading plan that was put in place months early. Those previous trades on PT, as with all trade ideas on RSOTC, can be viewed by clicking on the “Tagged with: PT” link at the bottom right of this post or by using the “Select Ticker” drop-down box on the sidebar of the homepage.

NOTE: THE SITE HAS BEEN EXPERIENCING SOME UNUSUALLY LONG DELAYS IN UPLOADING IMAGES TODAY. I JUST NOTICED THAT PT IS NOW TRADING ABOVE THE TRIGGER PRICE OF 0.95 AS I TYPE, MAKING THIS BOTH A TRADE SETUP AND ACTIVE TRADE.