Starburst "burst" for now

Many readers asked me whether they can go
into Starburst now that it had fallen from the
peak. Well, when I recommended the stock
in bold and enlarged font, it was trading at
4xcts. It went up after I wrote about it and
I believe that not many others are writing about
the stock. I called for profit-taking around the
75cts mark and the stock went up by just one
more day to hit a historical-high of 79cts
before falling from grace. To me, its recent
surge is a good breakout from the chart
formation that I see. Some people told me
that it is impossible or very difficult to spot
the chart formation from a recent IPO with
just a couple of days or a few weeks of trading.
I have to say that if you are very used to
looking at chart everyday or regularly, you still
can spot something even it is a IPO stock.

As I am writing now, Starburst is trading at 62cts
or about 22% down from the high of 79cts. It is
hitting the support level right now. I did mention
this support to a blog reader specifically. I told
him that the stock will drop to this region.
Starburst should consolidate around this level
and whether or not there are future technical
breakout depends on what I can see in its
formation and the volume traded. I will update
in this blog if I spotted anything on Starburst.