Friday, June 04, 2010 4:08:11 PM
If it continues to consolidate for another month, then I'm sure he would say that. After breaking major resistance, a month or three of low volume consolidation is incredibly bullish. Here is a post of mine from another board with a chart.
Here's a combination breakout/lotto play. This may or may not be ready to pop, but for people who like these types it's a good one to keep on your radar.
You have the huge downtrend, then in 2008 it tried to build a base and bottom out, only to have that fail. Then you see it consolidated for at least a year and a half, and last week it tested a breakout on heavy volume. That range I highlighted is the resistance from that failed bottom it tried to put in, so right now the price is just hanging out below that, but above the bottom it put in. I'm guessing either consolidation here, which could last a while, but if enough volume comes in here it could just pop. It's a subber so it has that lotto element, but it's also a very solid breakout play.
Here's a combination breakout/lotto play. This may or may not be ready to pop, but for people who like these types it's a good one to keep on your radar.
You have the huge downtrend, then in 2008 it tried to build a base and bottom out, only to have that fail. Then you see it consolidated for at least a year and a half, and last week it tested a breakout on heavy volume. That range I highlighted is the resistance from that failed bottom it tried to put in, so right now the price is just hanging out below that, but above the bottom it put in. I'm guessing either consolidation here, which could last a while, but if enough volume comes in here it could just pop. It's a subber so it has that lotto element, but it's also a very solid breakout play.
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
