After a few days in limbo, the price finally made a move. The spike at the end of the day (31.10ish) and pullback was a move to the upper trendline--the same trendline that broke our longer term support and has been dragging down prices for months. The price didn't have enough gusto to pierce above, but this is the first hurdle to clear for the near term. I haven't updated the DDD article on Stockineer since price broke the main support because we've been in "wait and see" mode. As significant events occur I'll keep you guys posted. Hopefully we'll have some good news this weekend if the market doesn't sour.
I was fooled the other day as the MMs ran the stops, thinking longs were in trouble. The price and momentum indicators took a 180 and headed north from the neutral or 0 line when it appeared they'd crossed below. It appears that indeed the formation right now is a rather large consolidation triangle, which typically serves as continuation patterns of the former trend....in this case, upward. Price is bumping it's head along resistance which is the upper line of the larger triangle. With momentum looking positive, we could see a breakout. However, the real test is the former neckline of the double top. Breaking this will likely send prices higher, quickly. A breakout of this pattern, which is very large, puts a price target of $54 based on the measure rule.
I've got the updated charts and discussion on Stockineer. Good luck guys.
I just added an updated chart. A fellow stockineer pointed out to me that there was actually an inverse head and shoulders pattern. I missed that as I was focusing on the current uptrending wedge. However, it is true. $34 was the neckline. Did you happen to notice the price rise sharply yesterday morning only to finish near the low...the price was retesting the neckline of the failed inverse head and shoulders. As of now, we should focus on the lower trendline as it's really the last level of support before $30.
I'm replying to the same thread again, but it's true again today...we did test the upper trendline. The updates and charts are posted on stockineer as usual. We've got a nice uptrend channel moving and I thought the price action of the last two days was rather interesting.
4/2/2013 updates are posted now. The price was doing very well...up until about 2:30 today. Several stocks saw a similar drop and I'm not sure what that attributes to other than someone taking money off the table. At any rate, the price is still in a minor uptrend despite dropping below a nice support level today. I suspect the lower trendline of this upper trendline will get tested in the next day or two and we'll see if it can hold....if not, we may see $30 again.
The update/summary and charts are up now on Stockineer.
Wehlings, the resistance as I suspected earlier in the was indeed the former trendline that broke at $31.80. Price hit its head on it today, which since it's an upward trendline, it hit its head higher than the break. It would be very nice to reclaim this line and keep the stock moving on the former trajectory. I think that may be tough to do right now so I think we should keep our eyes on the support levels in addition to the overhead resistance for clues on the next trade. With the high percentage of short interest, we could have a powder keg if another positive piece of news comes out.
this post is what these boards are for. a non-pumping, non-bashing long or short that gives some legit info to the investing community. not to mention, I tend to like having a more technical trader's insight.
keep that s--- up.
We just broke above the downard line. I don't know where the next resistance is right this second, but I suspect it is the broken at 31.80. The resistance should be just a little higher than that now. I'll put up some charts tonight after I get a chance to look closely and write a summary. This is good news, but not out of the woods yet. It would be great to reclaim the former trendline. I'll keep you guys posted