We gaped down ever so slightly this morning, but quickly returned to the previous day's close, which lent itself to a quick long scalp targeting the previous day's late day consolidation level. The ensuing selling did eventually test Wednesday's highs, where bids were quickly lifted. The rest of the day was a triangular consolidation that broke out to test the highs. Nothing much more than a whipsaw day.
The green horizontal line represents a support level that held nicely throughout the day.
Well, the Daily chart doesn't look very strong here does it?
I'm just including this hourly chart for the heck of it, the rectangular highlights are just my way of keeping track of sideways consolidation patterns that typically precede breakouts.
I was watching RIMM today and as you can see it fiddled around with $77 all day long, the breakdown was imminent at the end of the day and price stop right on top of my support level (to the penny!!).
So, tell me, would you buy this chart below?
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