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: Cesar L. Pujol who wrote (246)	9/25/1997 1:11:00 AM
From: ftth	of 257

Cesar: I'd have to say no because--despite the huge volume today--the price progress was rather unimpressive. It closed below the open, and well off its high for the day. You'd like to see an open near the low and a close near the high, as well as an open to close range that was larger than in recent history in order for the high volume to have positive connotations. In other words, after all was said and done for the day, people packed up and left with about the same feelings they had about the stock at the open, although slightly less positive. The big buyer(s) was matched by equally anxious-to-bail shareholders. This had a huge one day drop in march, and may people were caught with their pants down. They've been wathcing the rest of the market act pretty strong while this did very little except tease on a couple occasions. This group finally gave up today when they saw the price spike up. Also, it broke out at the very end (at the apex) of the triangle, which is less positive than if it broke out about 3/4 of the way to the apex. dh

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