Triangle breakout yesterday
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     brasilstocks
Member
Username: brasilstocks
Post Number: 1
Registered: 11-2006Rating: N/A
Votes: 0
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| | Thursday, November 30, 2006 - 09:55 pm: |  
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Hi everybody, I was lurking around in the forum for a while and finally signed up today.
What I'm having here is a chart of Petrobras which is in my opinion showing a perfect breakout from a symmetrical triangle into a further uptrend.
My target calculation is 48.15. Opinions?
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hershy
Member
Username: hershy
Post Number: 1734
Registered: 10-2002
Rating: 
Votes: 1
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| | Friday, December 01, 2006 - 12:22 pm: |
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Breakout with reasonable volume but danger of triple top.
Even if not, the high on the left of the chart might put up some resistance.
I don't have a plan so nothing can go wrong !!!
http://members.optusnet.com.au/~hershy/
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brasilstocks
Member
Username: brasilstocks
Post Number: 1
Registered: 11-2006Rating: N/A
Votes: 0
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| | Friday, December 01, 2006 - 12:38 pm: |
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thanks for the input. The paper has been strong in a weak market today and peaked at 46.15
I also think that the 47.26 all-time high signifies a strong resistance to the upside
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brasilstocks
Member
Username: brasilstocks
Post Number: 2
Registered: 11-2006Rating: N/A
Votes: 0
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| | Tuesday, December 19, 2006 - 06:16 am: |
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I thought I could post an update. The stock made it up to the triangle target today. It just peaked and closed lower today. Is this a continuation of the trend? The risk of a tripple top looks less likely to me..
opinions?
an 
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hershy
Member
Username: hershy
Post Number: 1784
Registered: 10-2002
Rating: N/A
Votes: 0
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| | Tuesday, December 19, 2006 - 07:33 am: |
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Hello Brasil,
You've got your breakout. Usually these have a throwback and the new support either fails or holds.
Same stock, different exchange; the weekly show that you're probably heading for blue skies. IF the previous high does not stop the rise. The daily with horizontal volume shown warns me that the €18 level will offer heaps of resistance.
I don't have a plan so nothing can go wrong !!!
http://members.optusnet.com.au/~hershy/
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brasilstocks
Member
Username: brasilstocks
Post Number: 3
Registered: 11-2006Rating: N/A
Votes: 0
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| | Tuesday, December 19, 2006 - 08:52 pm: |
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thanks for the input! If you look at the chart of the stock being traded in the local currency (Brazilian Real) you see that we already topped last highs.
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brasilstocks
Member
Username: brasilstocks
Post Number: 4
Registered: 11-2006Rating: N/A
Votes: 0
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| | Thursday, December 21, 2006 - 08:52 pm: |
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the stock gapped yesterday, but without significantly higher volume. I do think it's a continuation pattern, however some opinions would be appreciated.
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brasilstocks
Member
Username: brasilstocks
Post Number: 5
Registered: 11-2006Rating: N/A
Votes: 0
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| | Wednesday, January 03, 2007 - 09:44 pm: |
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ok, just to finish this thread. The stock reached the parallel of that bigger triangle 'hershy' drew here in the thread. It gapped again yesterday, which looks more like an exhaustion than a continuation.
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