iCharts Discussions

ukapil · White Belt Joined: 29 Sep 2006 Posts: 5

Can any one comment on REL ?
I checked the charts for EMA (5) and EMA (30). From whatever i have learnt till today, it seems like next 2 days would be trend setters.
Pls comment ?

SwingTrader · Posted: Sun Oct 01, 2006 9:51 am Post subject:

REL is in a triangle formation/pattern, until that gets resolved taking a position might not be a good idea. If it gets resolved to the upside, it must do it on strong volume, otherwise the breakout might not last. With any triangle pattern it is best to wait for it to get resolved because it could go anyway - up or down. As for what can happen in the next two days is always a guess, given the big "up" candlestick there could be a short-term rally but the volume was not good at all so very difficult to say.