|
PureBytes Links
Trading Reference Links
|
Greatelto wrote:
>
> For those of you who are pattern watchers, look at SBEI. Looks to me like a
> classic "saucer" formation. The stock has pulled back to the breakout
> point....a great buying opportunity for believers.
>
> Looking at the longer term chart, it shows up as a "cup" formation....still a
> rather bullish pattern.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I do not follow the stock, but I looked at a chart on the Yahoo!
database, and I could not see a saucer. I do not believe a chart
pattern could have much meaning on a .25 stock with so little volume.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>
> In my research I am seeing quite a few small cap stocks pulling back to break
> out points. Another good example is ADEX....a basing pattern pullback.
>
> Any comments from the "smoking jackets" out there?
>
> Jerry
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
ADEX could be more interesting. I used the CBS chart. Again, after
falling over 50% from the August high to the low 20's in Oct, it is
surely due for some type of bounce. If you draw a trend line from the
late Sep high to the high point in early Nov, has the price broken
though on increased volume? I also noticed that the 50 ma is at 30, and
the stock is at 24+. Dec 3&4 could be an indication of support. I
could only take a position on a close above the Nov high near 27, then
add to the position on any move above the Nov high at 33. Would exit
original position on a close below 21. Noticed that the heavy volume
came on falling prices. Need to see some meaninful volume on rising
price. When I was actively trading stocks, I used a breakout above the
3/72 day sma as a good place to enter any trade on a short term basis or
take an option position.
All of this is the way I would read the chart. This and 75 cents will
buy a cup of coffee anywhere in Shreveport LA, where LSU will battle the
Notre Dame Irish in the Independence Bowl Dec 28. Game a sell out, will
be shown on ESPN.
Al Taglavore
|