breakout reasoning 1. the base of the current triangle is 4 days
2. the sloping side conforms to a straight edge trend line and captures the bulk of action.
3. the horizontal edge of triangle has a valid short term and also long term resistance level in 3c
Went back to one of my favourite guppy publications - selected tactics for short term trading (snapshot trading). He mentions if it does break it usually lasts between 1 and 3 weeks.
Being conservative I'll wait until it takes out 4c and use the 22MA as a stop loss if it eventuates...
See a few others posting on it. Opinions?
IHG
intellect holdings limited
breakout imminent, page-3
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