Symmetrical Triangle ORCL 8/13/13
I don't guess in these pennant formations, I wait for the chart to tell me which way to go. Two trend lines are converging. Low volume, overbought in slow-stoch, and a weak close. The price moves are more powerful when it bounces off the resistance than it does off the support. I'm ready to go long or short but it's worth noting this triangle formation.
I believe the long term negative move will continue but I'm not making that bet until something happens the next few days. Thus I do not have a stop loss or a limit target.
I believe the long term negative move will continue but I'm not making that bet until something happens the next few days. Thus I do not have a stop loss or a limit target.
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