Agoracom: Small Cap Investment - Forsys Metals - Pennant or Symmetrical Triangle

Welcome To The Forsys Metals HUB On AGORACOM

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Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

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Pennant or Symmetrical Triangle

posted on Dec 13, 2010 08:11AM

Either a Bullish Pennant or a Bullish Symmetrical Triangle is forming on Forsys Metals. The only real difference between the two formations is the amount of time it takes to form. With a Bullish Pennant the average duration is 10 days with a maximum of 3 weeks to form, while the Symmetrical Triangle takes a minimum of 3 weeks to form. In either case, the breakout is to the up side on high volume to pierce the upper trend line.

It should breakout at around $2.60 on high volume. So keep this one on your watch list this week. The indicators are in the "Undecided" zone and could easily turn upwards from here. The only overcast I see with now the steep 200SMA line looming overhead. This will be the first real resistance as it breaks out of the Pennant or Triangle. It has failed to break it on its last two attempts. You would want to see a confirmation candle above the 200SMA once it post a close above it. Remember, the 200SMA is a very strong magnet and I have it on all my charts.

See chart here and other weekly picks here.

Cheers!

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