Well, kind of a flag. I would prefer to see a little more of an upward slope on the flag but either way, a breakout do the downside (especially if accompanied by high volume) should make for a nice bearish play.
What do you think?
Wednesday, September 5, 2007
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1 comments:
I think you're right on in your observation. Volume is pathetic on the consolidation or retracement, increasing the odds that price will continue downward following the momentum move down.
I'm not sure it will be a measured move, as that would take price to about $17, but we will see how price reacts. Regardless, your risk (through clear stop-loss placement) would be mitigated through a decent price target (meaning a decent risk/reward ratio).
Good find!
Corey
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