I have a New Year's Resolution that I am trying really hard to keep and that is "patience". I am still looking for am optimal entry point in the stock and I think it is coming soon.The stock is still well within its multi-year channel and doesn't risk bouncing off the lower channel until $29.00. Right now, it is bouncing off the lower Bollinger, but showing no volume to the upside. Someone is defending the stock price (yesterday's volume was quite a distribution day) and I am glad it is not me.
With a 200-ma around $32.00, I have a price target to start nibbling at $34.00.
Investor's Business Daily did an article on Ansys yesterday that I thought was very well done (see article). It discussed the fact that 2/3's of ANSS revenue is generated overseas and that 2008 growth is still expected to be very robust. Undervalued is a word that comes to mind with this company at the moment.
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