Seeking Alpha

mkpai's  Instablog

mkpai
Send Message
My blog:
  • CNX IT: The Start Of A Tradable Uptrend 0 comments
    Mar 31, 2013 10:01 AM

    It is observed that a H&S pattern that does not have a sharp right shoulder is likely to be unreliable. In other words, it is unsafe to short a H&S without an acute last bounce.

    The CNX IT is a recent example. What was more striking, was that volumes seemed to contract with falling index values, and expand whenever the index rose. The message was to avoid shorting.

    (click to enlarge)

    The pattern that seems to have formed is some sort of downward-sloping wedge. That is usually a bullish sign. In this case, the target is about 7400.

    (click to enlarge)

    The April future shows a downward sloping channel. Two hammers are seen. That is a sign of trend change. Its possible that we have a buy signal by the end of the next trading day.

    More at my trading blog

Back To mkpai's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.