Wednesday, April 04, 2007
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Trading Education
Tutorial
Courtesy of
Nirvana Systems
Saucer Patterns
Rare Pattern Is
One of the Most Predictive
One of the most predicitive chart patterns you will come across is
the saucer pattern. Saucers are also referred to as "bowls" or even
"rounded tops or bottoms", and one look at this pattern tells where
these names are derived from. However, there is a problem with saucer patterns
- they're hard to find.
Read
More...
NASDAQ Chart of the Day
Courtesy
of Nirvana Systems
ECIL
has built out a large triangle pattern that is approaching the apex, which
indicates a potential breakout may occur soon. A breakout from this large
pattern could make for a big 5 point move in the direction of the break. Watch
8.80 up and 7.40 down for a breakout from this range.
Daily Trading Signals
NYSE Chart of the Day
Courtesy
of Nirvana Systems
DDR
has built out a large head-and-shoulders pattern at the highs of a major
advance that began last Summer. Typically, this is a highly bearish pattern
that could lead to heavy selling if the neck line (support) is broken at 61.50.
However, if this support level holds, we could see another test at recent
February highs.
Daily Trading Signals
Daily Market Commentary
Courtesy of
Nirvana Systems
Updated Tuesday, 4/3 for Wednesday's market.
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Key DOW Levels for 4/4
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UP
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Above 12,550
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DN
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Below 12,300
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Breakout & Rally...
- Dow breaks through top of channel, rallies for 128 point gain.
The indexindex closed the day right at prior resistance at 12,510, but could
very well continue pushing higher.
- The NASDAQ and S&P each broke clear channels to the upside en route to
big strength today. Each is holding at clear resistance, which we will watch
for near-term direction tomorrow.
Summary
The Dow closed the day near the highs of the session after breaking a clear
consolidation range and channel to the upside at 12,400. The index should
remain strong in the medium term, but could pull back slightly from today's
highs, as it builds out a potential continuation pattern.
Read More...
