Bull flag on Dell hourly?

Discussion in 'Technical Analysis' started by paden, Mar 29, 2008.

  1. paden


    Would this be considered a bull flag?

    After a strong move up, it didn't close outside the white bar on several subsequent hours.

    Plus, long term downtrend line is following perfectly.

    It would seem, that the break of both the flag and the trend line would be strong buy signals, no?
  2. Lucrum


  3. paden


    Shoot, I still don't communicate well in posts after all this time.

    In reference to the break of the trend line, I used the wrong tense. I should have said, IF the trend line and the "flag" break to the upside...
  4. The big black candle is giving you resistance at the mid-point and that's resulted in two failed morning star formations - not good.

    However your frame of reference is not clever. Look at this chart using 4hr candles over 60 days. PA is caught in a range and it's moving toward the bottom of the range - that's a better place to look for a positive move.

    In a nutshell, there are charts with better set ups giving you better odds - why risk this one?