April 3, 2011

  • AT&T chart is showing price and volume breakout in weekly Time frame.
  • Price has closed on a high with good buying volume.
  • Price is consolidating in short time. Next long entry can be taken when price breakout of this pattern. 
  • LIC Housing Finance gave a perfect breakout from a channel along with volume spike.
  • Notice the steady decrease in volume when price moves inside the channel. One can avoid false breakouts if the breakout does not have a volume spike. In this case we had both.
  • Price was also forming an ascending triangle pattern.
  • Price has closed above 200 DMA. Stock will move higher if 200 DMA holds. 


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore