Wuxi Pharma (which I mentioned in a post on July 21) broke above $10 a share on above average volume today. The stock has stopped at $10 repeatedly since October of last year, so I feel that this breakout is significant.
We have a position in this stock already and would consider taking profits at about $15 a share (the next resistance level). We may take the profit sooner if the market looks like it is beginning a correction, but for right now we intend to continue holding this stock.
About Me
- John Freed, President, ASJ International, Inc.
- I have worked in the securities industry for more than thirty years and founded a consulting firm (ASJ International, Inc.) in the financial services industry in 2009. I also trade stocks and options. I have a B.A. in Middle Eastern Studies from City University of New York and have been studying the Ancient Near East for over 40 years. I was formerly the Secretary of the Egyptological Seminar of New York and have lectured there and at City University of New York. I can read Akkadian, Sumerian and Ancient Egyptian.
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