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Sinotel Weekly Chart Cup and Handle Pattern
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novicealex
Member |
21-Sep-2010 16:08
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Anyone looking at this counter? Possible Breakout play at 0.395. Longcheer is moving and this looks like a laggard. | ||
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Hulumas
Supreme |
20-Sep-2010 18:31
Yells: "INVEST but not TRADE please!" |
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I focus on ASTI tomorrow ! Good to buy !
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allantanhc
Veteran |
20-Sep-2010 11:50
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Just sold for some pocket money. Market looks a little tired. |
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Hulumas
Supreme |
17-Sep-2010 14:10
Yells: "INVEST but not TRADE please!" |
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Is it time to sell?
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tact888
Member |
04-May-2010 16:33
Yells: "Learn a life-changing skill and empower yourself. tactcharts" |
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Since IPO this counter has created a giant cup and handle formation. Price has been trading within the dark blue channel which is handle of the cup. The recent breakdown below the upper red channel support will probably see a retest of the lower support of the blue channel if the 45 to 43 support zone fails. Next support will be the 40 milestone followed by the lower boundary of the red channel. Further weakness will probably test the 36 to 34 support area.
However, any successful rebound from the current support zone or the lower handle support may meet resistance at the 50 mark followed by a challenge of the 55 to 56.5 resistance band.
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