SOX: here's one view:
stockcharts.com[r,a]dcclyyay[pb50!b200][vc60][iub14!uk14!lh14,5!la12,26,9][j10614552,y]&listNum=2
H&S with pink Neckline is still likely to be fulfilled (drop to near Oct lows), since it was confirmed by move below the Neckline. But it is potentially invalidated for now. The black triangle is ascending and so more bullish than bearish, and this is also supported by the fact that indicators are not yet overbought.
On the other hand, the triangle follows a move down (from Dec top), and this would indicate a likely continuation (down).
A decisive move above 335 would indicate further up, to at least 350, but possibly higher.
Here's another view:
stockcharts.com[r,a]dcclyyay[pi][vc60][iub14!uk14!lh14,5!la12,26,9][j10890734,y]&listNum=2
The black channel makes SOX look pretty bullish for now. If it keeps on at this pace 360 or so is the top of the channel and should mark at least a short-term top.
Interestingly, if it turns down here (or soon), we would have a potential little H&S with my black channel support for a Neckline. A breach of that Neckline would then be pointing toward 250..
The indicators being in the upper midrange at best does not support this scenario, however.
How's this all for waffling? |
