Monday, July 11, 2005

ENG Ascending Triangle

im talking to my friend khwong (also contributor to FYMs) right now, and he just told me about ENG. i pulled up the chart, and i instantly saw an ascending wedge staring back at me. honestly, i have no idea what ENG does (lv a comment if u can summarize what they do), but this chart is just awesome. what a perfect textbook definition of an ascending triangle!! first, we see the previous bullish trend. second, we have the pullback on volume as the shape of the triangle converges. third, we have the triple top resistance within the triangle. wow. it meets all the criteria 100%. i WISH i had gotten word of this stock in june. if i had seen this chart back then, it would have been a no-brainer buy. after such a bullrun out of a ascending triangle, the top of the triangle becomes the new support. im not sure where ENG will reconsolidate/pullback back down on the new support, but heres something very interesting. it managed to touch $5 today. if it can manage to consolidate above $5 for a week or two, institutions might start catching notice of it... i'll be watching this stock and learning from it. man... that chart looks awesome.


Anonymous Anonymous said...

Interesting chart. ENG is a energy company that designs products related to petroleum refining. -F.

7/12/2005 01:35:00 AM  

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