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VirnetX Holding Corp Message Board

  • willie7 willie7 Feb 1, 2013 1:53 PM Flag

    Chart reading for a slooooow Friday

    I am seeing 2 possible chart patterns. A double bottom and a ascending triangle. The double bottom started back in Nov at $37.65 high dropping to $29.26 on Nov 18th then up to $36.30 then next leg down to $28.83 on Dec 31st. Breakout would be over $36.70 . We tried on Jan 29th and have fallen back some but still valid. This pattern is best seen on a 5 or 6 month daily chart on stock charts ... The ascending triangle is a little harder to see. The upper trendline is easy just draw a line attatching tops going back to the Nov high at $37.65. We can start the lower line at the dec 31st low of $28.83 and connect the lows going forward. The breakout is similar to the double bottom at around $36.70. Again the best chart is the 5 or 6 month daily on stocks charts. Just some fun on a Friday. The magic # seems to be over $36.80 on good vol and stay there for a few days, then up to the gap at $37.50 ish. What do the TA folks think

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    • Shooting star/potential bearish reversal on daily; lots of resistance just above at $35 (but could breakout); keeping pace w/ sizzling S&P (no better/no worse); nicely tradable on dips (until it's not); Full Stochastic negative (but could turn up); Macd histogram negative divergence w/ price.

    • From what I see, we have been in narrow trading range between 30 and 35 since the trial ended in our victory. But going back to 7/12, I see the acending triangle. And if you close one eye and squint, the last 3 months could be a reverse head and shoulderes. Of course my favorite formation being the Cup With Handle, is a little hard to put together, but it is there in the same time period as the acending trianle, with the handle formed being since Nov, and now waiing for the volume blow out to the upside. I believe this has been in the clutches of the MM and he is not going to let the run until we get a final out of the court. And we all know that will come at any time now. For trading, the 15, 30 and 60 min charts have been right on. The daily chart has followed the price. I have seen no divergances one way or the other on the daily. Althought I admit to not trading the last weeks for fear of being out and the final veridit announced.
      'patience, Grasshopper' GLL's.

      Sentiment: Strong Buy

      • 1 Reply to cb2durango
      • cb2,So squinting I also see the reverse head and shoulders, good catch.That pattern and the ascending triangle are the 2 best patterns with the triangle still my fav. The cup is the least appropriate to my liking. If you are looking at the handle from Nov thats been a long and sloppy pattern. I will stick with the other 2.Funny thing is they all have about the same breakout area of $36.80 ish. I am happy to see the range in th $30 to $35 area, thats getting higher and higher. Shorts seem to be having a harder time bringing vhc down or else they are saving the energy for the final judgement release. For sure the MM's are ruling the roost and have been for some time.. I certainly dont want to trade any shares now either,not after all this waiting. Trade some options but thats it,maybe 500 or 1000 shares to day trade. For day trades I have been using the 15 min and sometimes even the 5 min. Thanks for post

 
VHC
14.33-0.17(-1.17%)4:01 PMEDT

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