(Click On Charts To Enlarge)
We got a breakout of the Ascending Triangle (basis this Hourly Chart) on Friday. When UYG was indicated to open down on LEH's earnings, I put in an order for 4,000 shares at 25.58 ( three cents above a 50% retracement of Friday's late day rally), and stopped it out at 26.63 after the pullback from 27.11 for a little more than a $4,000 gain. The rally was getting parabolic at the high and UYG looked like it needed to consolidate, which we got for the remainder of the session.
The second pattern (in orange) looks like a Bullish Continuation pattern. We're waiting for a Data point #4 (another low), then a push higher above the top of the pattern. If we make a "higher low" then break out above the #1...#3 trendline, that will be a Symmetrical Triangle. If we make a "lower low" at #4 then break out, that will be a Bull Flag. The high at #3 is is 26.91, so we want to see that get taken out to the upside.
No comments:
Post a Comment