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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To: Zeddie88 who wrote (11587)	4/4/2007 9:34:47 PM
From: chowder	Read Replies (3) of 13449

Re: MVIS ... Since my earlier analysis of MVIS, it has moved up 13% this week and is providing an add on buy set up. The weekly chart is showing a symmetrical triangle which called for buying once price moveed above the upper trend line. A symmetrical triangle is a continuation pattern and since price was trending higher when it formed, the pattern indicates price should continue higher once price worked above the upper trend line. Technically speaking, a symmetrical triangle is a rally to a relative new high, a pullback to an intermediate term support level, a second rally that does not exceed the recent high, a second decline that falls short of the intermediate term support level followed by a breakout on strong volume above the trend lines created by joining the new high and the secondary high. Why does it happen and how do you play it? Example shown here: baresearch.com Once price trades above $4.25, we should see price move up to $5.00 rather easily, absent any market moving news. The $5.00 price range is where we see a lot of overhead supply and that's where we could reasonably expect the uptrend to stall. So, we have another 17% of upside left in the current trend, a good amount for an add on position to trade, or an initial short term position for those not yet in the trade. Stop just below the lower trend line in the symmetrical triangle pattern.

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