Hi PiM
I had first put this post in the thread started by tombot on the Canadian Bulls going to a buy but I think it would have been better served as a reply here. Perhaps you know the answer to the question in the post. Here it is:
Hi Folks
It seems to me that there is usually not a significant probability that a stock will rise after a single bullish technical event. However as the number of consecutive events increases (either bullish or bearish), so does the probability of movement in share price. According to the RBC technical event charts, Poet has had six bullish technical "events" since Aug. 7. If I was looking at any stock, I would see those technicals as encouraging. Does anyone know if there are any studies or theories that have looked at the probability af a 'particular' SP movement based on the number of consecutive and consistent technical events?
Anyway the last positive technical event listed at RBC was yesterday with a cross of the 200 day moving average. That is a long term bullish indicator which, in itself, would not necessarily cause me great joy. The fact that it was preceded by five other, bullish technical indicators, makes me fairly happy :)
Best to all.
