Is reversal in the works for RLC? This stock has been on a downtrend since October of last year. From March of this year, however, I see a steady increase in volume. Yesterday, it tried to break out of its resistance line (shown in red) when it opened at P11.25 but due to lack in volume, had to settle at the day's low of P10.50. Today, it's been steady at that same price and is now sitting right along that resistance line. I'm likewise seeing what appears to be an inverse head and shoulder pattern, a reversal pattern. Looks like a good mix for its increasing volume. Attack upon breakout!
Friday, April 18, 2008
Ready for RLC?
Is reversal in the works for RLC? This stock has been on a downtrend since October of last year. From March of this year, however, I see a steady increase in volume. Yesterday, it tried to break out of its resistance line (shown in red) when it opened at P11.25 but due to lack in volume, had to settle at the day's low of P10.50. Today, it's been steady at that same price and is now sitting right along that resistance line. I'm likewise seeing what appears to be an inverse head and shoulder pattern, a reversal pattern. Looks like a good mix for its increasing volume. Attack upon breakout!
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