Centamin Egypt (CEY.L)
Bought@50.57. Current Price 54.75 (up 8.3%)
Autonomy Corp (AUTN.L)
Bought@1237.78 Current Price 1312 (up 5.9%)
The Fund is up 2.9% since 24th February 2009
Both stocks now look extended from value and with a pretty decent return it's tempting to take something from the table. I'd like to be able to close out a portion of these positions and book a profit, but I'm unable to do this because of the platform I've used to trade.
I have to keep reminding myself that I'm in these positions for the long term, but what I do need to do is consider exactly HOW long I intend to stay in these positions and exactly WHAT is my profit target.
Revised strategy for Centamin Egypt
68p is a 'pre gold production' price target. With some analysts estimating 120p post production. As long as Centamin are not actually mining gold, this is still a risky play and I need to exercise caution.
A price of 68p would yield The AtticFund 4.4%.
120p would yield 17.4%.
There is resistance between 56-58 and support between 47-50. I will keep my stop at 44.6 and place a profit target at 65p (potential AtticFund return 3.6%)
Revised strategy for Autonomy Corp
Currently trading at or near 41/2 yr highs, I would expect a further period of consolidation at the current levels. Weekly candles show real indifference over the last couple of weeks. My reasons for buying this stock remain the same, and so I remain committed to holding my position. I've tightened the stop to 1209 (1% risk) and will hold on until I see some real upside resistance
