lowtrade

[picheljitsu]

Here's how I interpret it. Lowtrade, feel free to opine.

Right now, it looks like it just broke below the uptrend. But, since it's really close, it could still bounce. You want it to hold the uptrend. It looks like there's support/resistance in the ~4 buck range. If it continues to break down, ~3.60 would be the next support, then 3, then somewhere sub-2.60. If it bounces up, then a long-term ascending triangle. Like Lowtrade said, double-top, not double-bottom; bottom is sub 2.20 if you look at a longer term chart. 3.60 was just a support bounce (look at a chart that shows Aug of last year). Be sure to keep an eye on Futures (link below). I keep it book marked and check it every morning pre-market. Speculative stocks like this (biotechs) will be among the first to tank if the market continues to crap. Big money stays away from them, and the shorts come in on the attack. Like I've learned from Lowtrade, the lines aren't absolute, but they give you a way to plan out your entry and exit if things go good or to crap.


http://www.finviz.com/futures.ashx