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Message: Head and Shoulders complete, time to move up

This is a play that I have been watching now for a while waiting for the right entry and now its time has come. It has completed a Head and Shoulders pattern, broke out and settled back where it started. I've highlighted the pattern in red on the chart and the neckline is the orange slanting line.

Its also interesting to see the increase in volume over the last few days... Could it be that other technicians, the guys that do these charts thingies, have also noticed the completion of the formation and are getting into the play? Could be and a break of the down trend line will be confirmation in my mind.

So the play would be entry at this price level with a stop loss at the support line below. First target would be the extension of the neckline (orange line on chart) which would be around $1.15 for gains of 11.6%. Next target would be a return to the lower upwards trend line that should be around $1.45 for gains of 40.7%.

Click here for chart and here for other weekly picks.


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