There is some interesting drama going on on a intra-day chart for our little stock as I post this. There is a beautiful pennant pattern already formed on a 60 min bar chart for THQ. Take a look and here's an example of it for you non chartists.
This pattern is a pause or break and usually continues (when completed) in the direction it was going prior to forming, which in the case of THQ is up. The action of the last 30 minutes with the stock hitting .65 is a break of that pattern down instead of up. We're going to find out shortly how this stock handles the resolution of this pattern. I'll be watching it carefully.
Here we go another week. Here's a rehash of where I'm at. The close on Fri. was obviously weak. We have a very definite pennant pattern formed on a 60 min bar chart. This pattern is bullish and something you generally love to see after a run up because it means consolidation of the previous move. Of course it doesn't mean the stock won't disappoint and go the other way. There's too much money (shorts) invested in that outcome. I still think it's important that that pattern HAS formed. Everything ultimately has meaning.
Today is the last day of the month, which is important for me. I'll be watching that close but beyond that I won't be surprised to see unusual volatility especially this week. I've seen too many stocks over the yrs go down just prior to major moves up. HGSI a few weeks ago is a great example.
One last thing about where I believe we're at. The last couple of weeks my pitch has been all about the resistance I see holding this co's price down thru April and then action in May. I'm invested in that scenario. According to what I'm seeing May opens the door for a major move in price. If wrong - then obviously I missed something but let me finish by saying that I love the long term look of THQ's chart. Assuming the company continues to execute and pulls themselves up - the chart says much higher prices are in store. Time will tell.
Thanks Trader for your inputs. For me, your analysis makes lot of sense. Please keep posting your analysis, I am sure it helps lot of us in this board. One request if I can. I am also heavily invested in "j o e z" and I have been trying to put your ananlysis in it and it make lot of sense. If you are interested could you please take a look at it. I would love to read your take on it. thanks again.
Glad you both made up because other than Stock you are the only two worth reading on this board full of idiots with Kirby head of the class. Kirby if everything in life would be explained by your stupidity we would never have a cure for anything you clueless mother #$%^r. I am shocked Tao even entertains an idiot like you. Watching and reading, thank you three for your expertise.
Tao, let me just say that I have nothing against you or anyone on this thread. I think there's a lot of smart people here. Fundamental wise I've learned a lot in s short period of time. I want you to know that I can look past our disagreements because I believe we're here for the same reason. Good trading.