Contact Energy Ltd [CEN.NZX] has been a good trading stock over the last couple of years and since I last pointed out that fact in October the stock has put on nearly 50c or around 9%. A pretty good short term return.
From approx $5.70 in October 2010 to be trading at $6.18 at time of writing the stock is fast approaching a ceiling of around $6.25 it has reached several times over the last 2 years or so. (see 2 year chart above)
A second more rarer ceiling of around $6.50 is not far away.
If you have been trading CEN, and you of course will already be watching the stock closely if you are, you should be now deciding if you want to let your luck run or bail out and wait for the next fall in the stock price down to its regular 18 month floor of just above $5.50.
A good opportunity to take some profits off the table and to watchlist it for a buy on the way down,
By on weakness below 6 bucks.
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