There are many types of charts. My trade on Wedneday used candles for short term setups. There are tons of books on using this method. The "15.90 trigger" on the pullback after the opening and the "out 16.73", out were textbook.A short chart here uses other parameters;long term averages. etc.
Charts do work for a high percentage of the time. IF you adhere to the principles and DONT get emotional.Insmed has tried to push thru this 16.70 level for months,so I do expect a pullback.
in 15.90 out 16.73
Lunch money (1k shares) pays for the trip
This is the fourth time in the last four months that INSM has reached this 16.20 level. A reversal pattern is indicated but a breakout may finally be able to move INSM up so the iplex losers can finally make some money. Pivoting ..... Good Luck
Hi, can't say I can disagree with any of this. In my opinion we will bounce between $14 and $16 until we don't any more. The breakout will come when we are not looking. It will be news driven, it could happen Monday or not till next year. We are at the top of the trading range so either we break out or we retreat back toward
$14. Charting works until news comes out to dustup it, either pushing up or down. Skilled charters can make a ton of money (not me) ridding up and down the channel but few traders are good enough to do it. I have done it and looked like I was successful until I got caught leaning in the wrong direction when news come out. Then you lose, sometimes big. Hi, Terry, have a nice holiday? Mine was great.
Sentiment: Strong Buy
There is now too much institutional ownership to keep it in this range for long. And, just as we saw recently with SAC Capital, hedge funds are accelerating their purchases. They didn't buy $8 million worth of shares last month for the fun of it. They expect a big upside.