June 12, 2009
LLC Makes a Head and Shoulder Pattern
By Planet Wealth
LLC has been channelling down since February 2008. Now the stock ha broken free from this channel what can we expect?
Late March of this year LLC broke out of a 16 month down trend channel to form the right hand shoulder of an Inverted Head and Shoulder pattern (INH&S). The neck line is at a resistance line of $7.85. Should the stock breach the neckline the target (distance measured from the top of the head to the neckline, then projected forward from the breakout), is $10.50 which is also a significant weekly resistance line.
If the INH&S fails and the $7.85 resistance line is validated again by a rebound a retest of $5.00 is likely.
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Topics: bullish signal, candlesticks | No Comments »
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