Wedges, triangles, and stuff: Chart patterns for breakouts Message Board

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Strategies & Market Trends : Wedges, triangles, and stuff: Chart patterns for breakouts

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To: Doug R who wrote (27)	5/27/1997 2:49:00 PM
From: Mike Kehler	of 257

All, my read/opinion on recently discussed charts... SPTR - Jury still out on this one, but looks like a nice channel has formed on daily chart... would seriously consider exiting position if we close below the lower trend line (looks to be at about 16 today), but so far so good. MTZ - Just want to give one more WOW on this one, have yet to take a closer look at why. EAGL - Still running, another good one Rainier. Will be interesting to see if we reach 28-29 area, very significant if we break through resisitance there IMO. XO - Another good one! I don't think it's an ascending triangle though... need two data points on upper line, I only see one (can't count the one we are on). However, it does look like a symmetrical triangle that broke out [upside of course] on Friday's close. Just my take on the pattern of course. Also, looks like some resistance at 18 and even more at 20. ANCR - Triangle pattern is concerning, it appears to have fizzled (i.e. it must break out before trend lines intersect or no triangle). Volume pattern should did look good though, be interesting to see what happens here. ABM - Definately looks like it's trying to break out of the triangle, think both further price movement and increased volume is necessary to confirm. There sure seems to be good supply at this price range (i.e. 19-20), would be very interested if we break though this line. I will be all over this one if it can closes decisively above 20 (say 21), but will stay on the sidelines otherwise. Just want to reiterate that I am a beginner at chart reading. Comments and/or criticisms very welcome. Mike

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