Technical Analysis Day Trading Stock Charts: 7/9/08
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first stock were taking a look at is in the financial industry and has suffered a huge drop over the past months though appears to be forming a base and stabilizing. Looking at the medium term chart price has recently broke out from its steep descending wedge pattern indicating a possible short term reversal of the recent bear trend.
Looking at the shorter term intraday 60m chart we can see that price has formed a very nice looking rounded bottom and ascending triangle. If price breaks out above the 2.89 resistance point this could result in a strong short term move for the bulls that we could capitalize on. I want to go long this stock on a breakout above 2.89.
Second we bought today (????) at a price of 2.52 near the close as it is currently breaking out of a strong cup and handle stock chart pattern which could result in a very positive move for the bulls as we have seen this stock move before. But on both the bull and bears side so we need to be cautious and set our stops. We should expect to see a strong move on the bull side of this move as volume was heavy on this breakout.
