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Message: Technicals: 9 day consolidation pattern confirming bottom

Technicals: 9 day consolidation pattern confirming bottom

posted on Jun 03, 2008 09:25PM

Is the sp ready for a pop?

Triple bottom? I believe the pattern qualifies as such touching $.26 today. Is there a reversal/consolidation of the slow bleeding downtrend? I believe it is. The most recent 9 day consolidation pattern confirms a double bottom printing a strong doji cross today with a preceding inverted hammer yesterday = bullish reversal.

Stochastics = declining stochastics trend in an oversold position (ready to rebound)
RSI = oversold (ready for rebound)
MACD = holding at or above the zero mid axis for 15 consecutive days and strengthening: indicating buying interest.

Volume is key. Looking for some kind of increase in volume. Need a 2 million plus volume trading day. Would like to see a repeat of another 7-9 day consolidation pattern testing resistance at $.30. (Picture a ball softly tossed hitting the floor resulting in a couple of natural bounces prior to beginning the lateral roll).

Question for the gap theorists out there. What say you to our chances of producing an 'hole in the wall' (mirror image gaps) at .43 - .50? Not an advocate of filling gaps but I do like our chances for creating the 'hitw'.

Recent Alerts at the close today.

TypeTime (NY)Description
Jun 3rd, 3:40:25 PM High instantaneous volume.
Jun 3rd, 3:40:25 PM Consolidation pattern
Jun 3rd, 3:10:07 PM Currently at 1 x average daily volume.
Jun 3rd, 3:10:07 PM High instantaneous volume.
Jun 3rd, 2:42:29 PM Large Bid Size


Average Daily Volume: 571,802 Shares / Day
200 Day Moving Average: $0.4552
50 Day Moving Average: $0.3698
20 Day Moving Average: $0.2877
Consolidation Pattern: 9 days

Here's to brighter days. GLTA

Disclaimer: Who is Jack?

Regards,
PxP



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