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8x8 Inc. Message Board

  • daviebri daviebri Feb 11, 2006 12:52 PM Flag

    Hang On, the consolidation move is over

    as a chartist, I've been watching 8x8 for the past several weeks waiting for the stock to complete tracing out its pattern (pennant). Long-term, intermediate and short term are extremely bullish per price action. Long term, you need to pull up a 3 yr chart, and if you are even vaguely familar with patterns, you'll see the long term (descending) triangle which has formed a strong base / bottom. Secondly, you will notice the "rectangle" pattern which has kept the stock between 1.5 - 2.5 pts (this is bullish) as we have already penetrated the upper resistance and consolidtating near the top. Short term, this is the contracting triangle or pennant. The stock had a very big impulse wave mid Dec and all the price action since then has been a consolidation pattern. Friday's low should be it and any close above $1.95 will confirm the next breakout. And yeah, that was me buying tons of this stock late in the day. Short Term target = 8 (back to the top of the desc. triangle). Anyone who is negative or bearish on this stock needs to get out the investment arena and stick to his day job.

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