Some comments on intra-day activity.
Notable: The flat-bottom action in CPE and DELL. The flat period signifies either complete inaction in equilibrium, or continuous selling met with a large limit buy order. Which one will win? It looks like in DELL, the buyers won, exhausting supply (though on light volume). In CPE, however, the results are yet to be seen. Hopefully it takes the DELL route.
Bought 475 CPE at 2.00.
The limit order was for 750, but it only executed for 475. The rest might come in, or it might not. Here's the chart:
It made about a 60% price move from the base of the last consolidation to the base of this triangle. I see price action going up another 60 percent to about 3.20. Significant supply at 2.40 and 3.50
My assumptions are that CPE just broke out of a bullish triangle/flag continuation pattern and will repeat its prior price movement. This assumption will be proven wrong if it breaks down below the ascending triangle line, currently at about 1.78
UPDATE: Sold at 2.46. Here's the chart and reasoning why:
To measure price implications of triangles, from the text book:
“Draw from the Top of the first rally that initiated the pattern (in other words, from its upper left-hand corner) a line parallel to the Bottom boundary. This line will slope up away from the pattern to the right.Prices may be expected to climb until they reach this line. Also, as a rule, they will climb, following their breakout from the pattern, at about the same angle or rate as characterized their trend prior to their entering the pattern. “
unbelievable picks by Chart Addict and Ragin' Cajun
CPE triangle Breakout:
i put in a limit order to buy on a pullback @ 1.98. Might have executed by now. Decent triangle formation after a run-up. Also, jumped up off 20 day MA
JASO channel breakout:
NXG Gold play. Nice consolidation and breakout of triangle:
Update: put in limit orders for JASO and CPE on pullbacks after the start run-up. CPE @ 2.00, JASO at 3.71.
Update: bought 1000 NXG at 152
