AI
Sunday, February 17, 2008 10:16:41 AM
Repost of The Battle is Joined chart...
There was a lot of buying below this point of convergence between uptrend, horizontal and downtrend lines. Clearly value is seen below this point.
The question will now be: Will traders who entered below here bring upward momentum to a halt, or will investors feel comfortable enough with the current price to resume the uptrend?
This point of reference is key. Trading above it is key. I think it will take some time for a new chart pattern to emerge. The price has returned to the area of horizontal movement that took place between June and October of last year. There may be a repeat of that movement while the company goes about demonstrating that it can execute its plan.
But if you see continued volume taking the price higher, then things may be different at this time.
There was a lot of buying below this point of convergence between uptrend, horizontal and downtrend lines. Clearly value is seen below this point.
The question will now be: Will traders who entered below here bring upward momentum to a halt, or will investors feel comfortable enough with the current price to resume the uptrend?
This point of reference is key. Trading above it is key. I think it will take some time for a new chart pattern to emerge. The price has returned to the area of horizontal movement that took place between June and October of last year. There may be a repeat of that movement while the company goes about demonstrating that it can execute its plan.
But if you see continued volume taking the price higher, then things may be different at this time.
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