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Message: Bullish Symmetrical Triangle

Looks like a Bullish Symmetrical Triangle, but is it? The horizontal price action in early October and again late November is throwing this pattern out of whack. If it is indeed a Bullish Symmetrical Triangle then it is a continuation pattern and the target would be around $5.15 on confirmed breakout. However, if you squint your eyes and tilt your hear slightly to the left (yes, this is indeed a valid method of looking at charts, LOL!), you'll notice that perhaps, just perhaps its a Head and Shoulders formation with the neckline being the lower trend line. A Head and Shoulders is a reversal pattern, not a continuation one. Being the ever optimistic person that I am, I choose to think its a Bullish Symmetrical Triangle.

The play would be to sit on the side lines and wait for a breakout, on either side! To the upside with heavy volume, go long with your target being $5.15. To the downside, go short with your target being the 200SMA line below.

See chart here and other weekly picks here.


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