If you look at the chart, you'll see that TEMN is putting in a period of consolidation.
Your post is spot-on. I am a chart guy and it makes me money. You can't win them all, but the longer I trade the better I get at reading patterns.
This chart is a screaming buy. Not even going into the candles and the indicators, (I posted a chart yesterday and talked about that) price and volume on this stock is great. When the stock broke above .002, it did so on much higher volume than normal. Since then and during this consolidation, the stock has pulled back from its .0099 high on much lighter volume on all the down days. That's what stocks do when they reverse from flat lining or from a down trend. The longer this bases the harder and higher it will run.
High .006's seems to be support and you can draw a nice lower trend line under this consolidation period with about 4 touches. This pattern has a 90% chance to break upward. I'll take those odds. Also, the 50 and 200 day moving averages are pointing up about 45 degrees.
Should this break under support on some low volume day, I'm not worried. It will slowly come back and trade in its channel until ready to run.
Look at the chart below. Look at how it consolidated almost a month (just like now) after it doubled from .001 to .002. If that isn't conformation of what's ahead, I'll be shocked.
Someone who exactly understands what's going on. To many folks expect things to happen overnight. it's ridiculous. If you look at any of the stocks with strong charts people would realize that it takes months for these to set up. That is for the real companies that is an not just the spike an dive plays that people chase an loose money on. Guy's an gals patients. Quit watching every tick. If you want to watch every tick folks there are plenty of plays out there that are going to spike an dive go watch them. This one is going to take time. Why? Because it's real an it takes time for deals to be put together an attorney's to go over the paperwork for the deals then the changes on the paperwork by the opposing companies attorney's. I have been involved with take overs an the sell of companies. It can be a lengthy process so that each prospected company can feel that they are getting what they paid for an what the seller feels is a fair price for there hard work effort an time. Everyone wants to feel good at the end of the deal. It's not a good deal unless everyone leaves the table with a smile on there face. So with that being said let Zo work his magic, damn he has gotten us this far be patient an let the company form an make us who have entrusted our monies for him to do so do what he does best. In other words rookies relax!!!!! .... TEX
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