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Wednesday, January 9, 2008

MA: Symmetrical Triangle - Breakout? or Ascending Triangle - waiting for Breakout?

I saw two patterns on this issue - Symmetrical Triangle and Ascending Triangle.

Symmetrical Triangle Version
MA closed above the resistance line of the symmetrical triangle. Is this a valid breakout? I need to see a huge volume in tomorrow trading to push MA towards a valid upside breakout.

My highest target price is @ 0.033 (measuring the height of the triangle base) But, using Fibonacci ratios it gives me the follow target price

26.3% - 0.030
38.2% - 0.031

Symmetrical Triangle Pattern
MA Chart as of January 9, 2008
Ascending Triangle Version
MA closed at its resistance line. Will this a breakout tomorrow? We really need to see the volume to push the stock towards upside breakout.

Target Price @ 0.032