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Posted : Wednesday, June 02, 2010 10:33:17 PM
Registered User
Joined: 5/4/2010
Posts: 18
Hi folks
I'm not actually trading yet but studying alot of charts and came across AMCC. Thought I would run it by some real traders.
I am looking at a weekly chart and see a perfect head and shoulders bottom (head also formed a pretty good double). It should be at the breakout point but with the choppy market it is having trouble and has formed a symmetrical triangle on the daily and weekly. It is also struggling with some prior resistance and a overall industry that is falling? I would buy with any upturn in the industry and a close above the triangle?
Any comments?
Posted : Thursday, June 03, 2010 2:03:49 AM
Registered User
Joined: 10/26/2005
Posts: 238

are you buy and hold, position trading, swing trading, or daytrading this stock? it makes a difference! if you are bullish on the market it might be a good pick for a longer term hold with the H&S and pennent.  But as a shorter term swing trade it fails as it is in a stage 3 consolidation pattern and not a stage 2 uptrend on the daily chart. IMO anyway.  AB 

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