Classic Head & Shoulders

Discussion in 'Technical Analysis' started by deadreader, Aug 26, 2003.

  1. Deadreader, you still watching this stock ?

    As of this post, 9/1, it's looking strong right now.

    Let's see what it does at it's 50 day simple moving average right around 18.
    #11     Sep 1, 2003
  2. I have no position in the stock right now though.

    Interesting that it bounced right off it's neckline a couple weeks ago, and looks set to make a move higher...If I had shorted (on what looked like a move back to the neckline, I would've been destroyed).......but I'm also hesitant about playing the upside for two reasons:

    1) The Secondary was priced at $17 and wasn't well received...
    2) The stock has made a big move higher here, and probably needs to consolidate a little......

    What do you think?
    #12     Sep 1, 2003
  3. 17.5 to 18 has some resistane in the form of the 50 day simple moving average and prior support.

    This thing does look like it will need to rest. Especially if it moves up some more.

    For me, and my method of trading, it is a wait and see right now.

    I'll keep watching.
    #13     Sep 1, 2003
  4. zounds


    I would suggest looking at a weekly chart. It may adjust your perspective. Off the cuff, looks like a double bottom. Chart your trend up and play with it. I am old fashioned but I'm also rich. I would not discount your "gut" feel of a head and shoulders. It would be my third consideration and definitely a possibility. Good luck with this one. I will be fun for you.
    #14     Sep 3, 2003
  5. Looks like the 17.5 - 18 area definately provided some resistance.
    High volume down day today and I didn't see any news.

    We'll see.
    #15     Sep 4, 2003
  6. Wow.

    Just took a glance at this chart again, 9/12 before open.

    This thing is like a caged animal.

    Went to highs and pulling back now.

    Forget the Head and Shoulders.

    Actually the Head and Shoulders was gone a few days ago.
    #16     Sep 12, 2003
  7. My model gave that the header & shoulder shouldn't be validated before close under 12.53 at least.

    1 base min base: 14.70 proj: 14.36
    3 proj min base: 14.92 proj: [12.53]
    32 base max base: 18.77 proj: 23.44
    69 proj max base: 17.70 proj: 28.45

    #17     Sep 19, 2003