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Monday, October 01, 2012 8:22:48 PM
The second chart indicated a long term symmetrical triangle indecision pattern suggesting that the price would oscillate between the resistance and support lines until one or the other is broken indicating the trend direction. Support was broken today but the price closed within the triangle pattern. So the pattern is still valid until support is broken and closed below..
All this indicates that we have a better buying opportunity now than when the double top was pressuring downward price direction and the price was near the top of the triangle formation.
That said, a double bottom near today's lows is not out of the question. The caveat is that technical analysis and fundamental analysis have both failed miserably to project accurate possibilities for KMAG.
In response to the PMs I get stating that charts only picture the past, I'll let Joseph Granville's thinking reply: Technical analysis is simply graphs of mass psychology behavior in the past. But the masses behave in predictable patterns that can be measured and extrapolated from.
![](http://investorshub.advfn.com/uimage/uploads/2012/10/1/todgrp_(2).gif)
![](http://investorshub.advfn.com/uimage/uploads/2012/10/1/zzjrcp_(1).gif)
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