China XLX
Another probable case of Head & Shoulder chart pattern. Remember, the key word here is "probable". A chart pattern is not valid UNTIL it is completed, usually when a major trendline is broken ( in this case the neckline ). If prices bounce off the neckline and never look back, than this particular recognition is false. The downside target is $0.39 if the pattern is correct. Apart from the pattern, I did examine the volume. Volume in the case of XLX is even more ideal than Yanlord to match the H&S pattern.
Actually, I did not purposely try to spot for bearish pattern. I was trying to look for bullish stocks but unfortunately after reviewing several counters, they all end up to have bearish signs...
Actually, I did not purposely try to spot for bearish pattern. I was trying to look for bullish stocks but unfortunately after reviewing several counters, they all end up to have bearish signs...
Labels: Stock Pick
posted by Market Wizards @ September 21, 2009
Comments: 0
