PTEK, I mentioned the bullish engulfing pattern that was forming today. It is shown in
this chart along with the 3 previous same patterns, i.e., when the current up day (green,
open) completely engulfs the previous smaller down day (solid red).
This pattern often signifies a bottom and or reversal. If this pattern is accurate again (no
guarantees) it does not mean that PTEK has to shoot up but rather, simply affirm the
bottoming that seems to be occurring.
geocities.com
The pattern is reinforced to a degree by recent cci, williams%r and stochastic buy
signals. Keep in mind these are early often premature momentum signals.
The pattern is however, confirmed a bit more by the break of the short term down
trendline (blue line) and the positive money flow and accumulation/distribution
indicators.
I mentioned earlier that I bought in today, I feel obliged to point out again, I never
put more than 10-12% of trading money in any one stock. A downturn will not
seriously affect my trading portfolio.
This gives me the leeway to try for a bottom on occasion. Remember PTEK is trying
to go from weakness to strength, much more vulnerable than a stock going from
strength to strength...i.e., breaking over resistance points.
PTEK has yet to receive confirmation buys from other safer lagging indicators.
Holding as the TA story unfolds, DELL, ASPT, MRVC, TTEC, PTEK, IDTI and well okay SCUR.
AFCI broke resistance today and is worth a look...again.
Stan |
