A friend of mine highlighted to me why he bought NOL on Friday 29 March 2008. NOL has a triangle formation. Breakout on 27 March 2008, followed by high volume push up the next day (7.6M vs 5.7M which is the average volume for past 30 days). High volume breakouts (above 30 day average) do better (average 35% vs 24% for weak volume rise).
Height of formation is 37.6% (tall >14.48%) and width is 37 days (narrow <42 day median) signaling better performance of breakout.
Throwbacks for symmetrical triangles occur 54% of the time. So there might be a 2nd chance to enter.
NOL's breakout is within a third of yearly lows signaling better performance.
NOL thus has a very nice chart set up.
Special thanks to Kenneth for pointing out NOL to me! :)
2 comments:
It almost get to the bottom,I think.
What bottom? What you mean?
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