That's cool. I understand that some are weary of technicals at all but man, it's come a long way since I was learning charts from my Aunt when I was 17 years old (1963ish). When I became a broker in 1974 most firms barely had a technical department.
Some have argued that it has become a self fulfilling prophecy....MOMO move breakouts are followed by so many that the wave perpetuates on itself. But in the end it is always a battle between demand (buyers) and supply (sellers/shorters) and who wins the tug of war. We are all trying to find the golden key. Look at Ralph Nelson Elliott, founder of Elliott Wave Theory. Spent his life trying to figure it out. In the end he proposed the universe is in waves.
So I don't try to convert anyone to technical analysis. I have read people saying it can't apply to pinks. It can't apply to this or that. I believe it applies to even the Dutch tulip bubble of 1637.
I have found that any discipline is good. For me, and many other technicians, they believe in the Golden Cross of the 50 day and 200 day moving averages. I did a study years ago testing that and applied it to the market indexes and a few stocks. It turned out that had you simply bought on a Golden Cross (50 day sma crossing above the 200 day sma) and sold on the Cross of Death (50 day sma crossing below the 200 day sma). One would have done quite well. That does not apply here, however, as the last four years has been sideways.
But using patterns, I will say that buying at this price, in the last 4 years has been a buying opportunity. But only those who sold 1/2 or all of their stock on a double (1.25 area) were the smart ones. So I believe that we are in an excellent area to buy....Whether it is smart to sell some when it doubles from here, that is another story. One of these days the person who held, I believe, will do very well. When that time is I can not answer.
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