Monday, February 06, 2012 3:37:42 PM
Chart
Yes, Trader, the consecutively lower bottoms of May, June, Aug. and Oct. lay within a down trend channel (lines 1 and 2) In late Oct. that channel was broken suggesting that a basing pattern is now in place. The multiple bottoms on line A and the angle of line B etch out a long term triangle indecision pattern. If the triangle's apex is broken to the upside, a new uptrend is likely, if broken to the downside the price could be headed back toward line 2. Joe Granville told us that "Volume precedes price". The volume needs to be in the multi million range like in March - April to convincingly launch a new bull trend. That will take news or hype because there are not enough traders presently to move SNEY off of this base on high volume. When traders using tecnical analysis charting programs grow in numbers, the charts assume a self fulfilling prophesy due to the herding of traders all looking at the same lines.
Yes, Trader, the consecutively lower bottoms of May, June, Aug. and Oct. lay within a down trend channel (lines 1 and 2) In late Oct. that channel was broken suggesting that a basing pattern is now in place. The multiple bottoms on line A and the angle of line B etch out a long term triangle indecision pattern. If the triangle's apex is broken to the upside, a new uptrend is likely, if broken to the downside the price could be headed back toward line 2. Joe Granville told us that "Volume precedes price". The volume needs to be in the multi million range like in March - April to convincingly launch a new bull trend. That will take news or hype because there are not enough traders presently to move SNEY off of this base on high volume. When traders using tecnical analysis charting programs grow in numbers, the charts assume a self fulfilling prophesy due to the herding of traders all looking at the same lines.
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