From yesterday morning:
"Since Friday's late day Bullish Falling Wedge (pattern in white) breakout, POT has formed and broken out of FOUR bullish intraday patterns. Quite nice."
The breakouts from the last two of the bullish patterns put targets of 111.82 and 112.05 IN PLAY. I got long near the open at 110.85 (yellow arrow) on the pullback to the top of the Bull Flag (pattern in yellow) and sold between the two targets.
POT showed a lot of strength beyond that, coming off the multiple breakouts. It rallied sharply to an intraday high of 115.51, and closed at 114.48.
Gain: A bit under $1,100.
EDIT: 7:52AM - I've added remarks on PAAS in today's comment section, if interested.
2 comments:
Pan American Silver (PAAS) is looking interesting here. The H&S Top breakdown in the intraday chart, below the 18.68 - 18.68 neckline, looks to have been a Bear Trap since the stock:
1. has rallied well above that
2. has taken out the high of the Right Shoulder
3, and, almost has taken out the 20.10 high of the Head.
Yesterday's high was 20.06. The close was 19.74.
20.77 still is IN PLAY from the double breakout of a Bullish Falling Wedge and an Ascending Triangle in early May, and the stock is back above the 19.00-19.08 highs of the November , 2008 - May, 2009 Ascending Triangle.
See past posts on PAAS on Friday, May 8 for the six month Ascending Triangle, and Monday, May 18 for the intraday chart, if interested.
Hello melf
nice post as always.
can you post something for next day? I know you do some times. If you do that it can be good learning and comparing experience for me.
By the way, tomorrow market may gap up, what do you think of action of pot?
Post a Comment