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Re: samplescave post# 2920

Thursday, 04/26/2007 6:59:29 PM

Thursday, April 26, 2007 6:59:29 PM

Post# of 28183
samplescave, I do read charts (although wouldn't consider myself an expert), and I agree it looks good. That's half my excitement. I would appreciate your read on this - I noticed what looked like a descending triangle beginning 4/23. I would attribute that to the folks without patience who were only willing to wait for news until this past Tuesday or so. My first inclination, just looking at that piece would be to expect a breakout downward. I think others reading the chart probably felt the same way and that pushed them out if they stuck to a pure TA strategy. However, since yesterday, we're seeing more strong hands coupled with new attention reverse this to what may shape up to be an ascending triangle the next couple sessions. That would lead me to expect a breakout to the upside, based purely on TA without news. With solid news, it'll probably be a pure gap and run. Any thoughts, or maybe suggestions on my chart read? Thanks!

www.PhilHendrieFans.com
Everything I say is IMO.

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