Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: chowder	3/17/2007 5:05:09 PM
	Read Replies (1) of 13449

SPN is setting up a short or intermediate to long term trade. I see bullish price action on both the daily and weekly charts. On the daily chart, we now have a rising 20 day moving average above a rising 50 day moving average, forming the early stages of a potential up trend. The daily chart is showing a bullish consolidation over the past 2 weeks with price forming an ascending triangle for a short term trade. Ascending Right Angle Triangle: Technically speaking, an ascending right angle triangle is rally to a new high followed by a pull back to an intermediate support level, a second rally to test the first peak followed by a second decline to a level higher than the intermediate term support level and finally a rally to fresh new highs on strong volume. Why does it happen? Explanation and examples here: baresearch.com The weekly chart is showing a continuation bullish 1-2-3 pattern. This involves the last 2 candlesticks on the chart. (The last 2 weeks of trading.) A Continuation Bullish 1-2-3 pattern involves stocks with the following 2 bar setup on their weekly charts. Bar 1 is a very bullish weekly up bar which suggests more upside to come. Bar 1 is immediately followed by Bar 2 which is a relatively small narrow range bar that has traded in the top 1/2 of Bar 1, without trading above Bar 1’s high. This 2 bar set up establishes a mini double top that if traded above could lead to higher prices. So, this chart has something for everyone who is bullish on this sector. You can look short, intermediate or long term. Entry target $34.10. Profit targets $2.50 - $8.00. Initial stop loss $32.00 on 1/2 position, $28.50 on remaining 1/2.

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