Results 1 to 10 of 13

Thread: Fried day, June 28, 2013

Threaded View

  1. #1
    Limit5Bass is offline
    Limit5Bass's Avatar
    Joined: Nov 2012 Location: Posts: 587

    Fried day, June 28, 2013

    So has SIRI broken out of it's downtrend? It is possible…..look at the chart……

    I used a channeling technique… start by connecting the high and the low in the current downtrend….(3.63 and 3.04 in SIRI's case). Then for the second channel line, you place it at the widest point in the downtrend between the high and the low from the first channel line

    SIRI 2013-06-27.jpg

    Now, this doesn't mean that SIRI won't pullback just because it has broken out of this channel. Just like how stocks in an uptrend retrace so do stock in a downtrend. Stocks that are in a downtrend typically retrace the same %'s. As you can see in SIRI's case, SIRI has retraced 61.8% of it's current downtrend with yesterday's 3.40 close.

    If SIRI has indeed stopped it's downtrend as the breakout from the channel has indicated, look for $3.04 to hold as the current bottom.
    Attached Images Attached Images

  2. Ad Fairy Senior Member

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts