Silence... I don't know Wayne, they have to be some very good bashers to make the chart pattern fail... only 10% failing rate.
Talking about chart pattern, I've just pulled up two NAZ stocks I used to play during my summer vacation in Toronto.
From the simple historical 2 month chart from mycrap,
ASYS is showing a symmetrical triangle, and is about to breakout either up or down. One can track ASYS by using the 32 days moving average as the resistance. Looks like the breakout will be a red one...
IIVI, the 13 days moving average is governing it. The chart pattern is showing a descending broadening wedges, an upside movement pattern. Since the 13 days moving average lines are providing the support for it, so we see the bounce on Friday. If it fails to bounce, short it below. Anyway, it did bounce, so I will say it will continues to move up in short term.
Note that whenever the breakout occurs, most of the time, we will see some pull back or throwback, depending on the trend. In the case of IIVI, it might be possible for a pull back before the long ride.
An example: around September 8th, IIVI had a downward breakout, 2 to 3 days later, it went back above the 13 days moving average. Then a day later, it went back below it. That means if one misses the chance to trade the first downside breakout, he/she can always wait for the throwback to short it again.
Thanks for listening my BS, and all I'm using is the crappy mycrap historical chart... you can check other indicators on other sites for more details. :-)
Bernard |
