AtticFund Update;
Centamin Egypt +12.9%
Autonomy Corp +6.7%
AtticFund +3.8%
Centamin Egypt
After Mondays rise in Gold ($884 to $894), I felt that Centamin Egypt (CEY.L) could well benefit from this rise and from the open things looked good, with Centamin rising from 57.3 on open to a high of 60.8p in only 2 hrs.As I'm using a leveraged product this 6.1% rise equated to a nice 1% increase in the AtticFund. However by the close Centamin had given back all of these early gains to close at 57.2p leaving me staring at a very bearish candlestick pattern (below).
Further investigation revealed that this candle has been formed on average volume which suggests that this is not a reversal and so I remain invested with my stop at 50p.
Autonomy Corp PLC (AUTN.L) was also down today.
This stock is now trading 7.6% off its recent highs, and the Attic Funds profit from this stock has eroded from a high of 5.2% to 2.3%. Taken in isolation, that is not a bad return from a single position, but it is hard to accept as this is starting to feel like a loss. On the plus side, the chart still looks incredibly bullish, with the current dip in the share price looking like a pullback (as opposed to a reversal). On further inspection, Autonomy looks to be creating a Bull Flag on the daily charts (below).
So I remain invested in Autonomy, with a stop at 1300, guaranteeing a 1.9% return. If I was to get stopped out (which is a real possibility over the next couple of days), then I will continue to search for buying opportunities on this stock as I am still generally very bullish about this company.
