← Autodidact Archive · Original Dissent · JoseyWales
Thread ID: 18944 | Posts: 7 | Started: 2005-07-01
2005-07-01 22:16 | User Profile
^OIX put this symbol in your favorite charting software and see if you can find the pattern im talking about. more about this pattern is here [url=http://stockcharts.com/education/ChartAnalysis/headShouldersBottom.html]link to pattern[/url]
What i see today, July 1, 05 is what might be a head and shoulders bottom forming. This could result in a breakout in price soon, IF the pattern holds (they usually do). We could be at the top of the right shoulder, so after the next pullback (imminent) would be a good time to buy possibly. Watch that symbol...
cheers
2005-07-01 22:20 | User Profile
I see what might be a pattern that is called an "Ascending triangle" forming on the chart of NOC. This is a bearish pattern and if it plays out correctly, sometime in the coming weeks, NOC might break to the downside possibly below 50.
Time will tell ;)
2005-07-02 01:57 | User Profile
to see a good example of this head and shoulders bottom with an oil sector stock, check out unocal (UCL) on a 2yr chart [url=http://www.prophet.net/analyze/sc.jsp?symbol=UCL]chart here[/url]
and notice the time period between mid-april and mid-may, then notice what it did following that pattern.
As a bonus, I spotted a descending triangle on Shell, check it out [url=http://www.prophet.net/analyze/sc.jsp?symbol=SC] here[/url] look at the period between april and may. See it ? Then see the following dropoff to the 51 area, before finally starting a new run upwards ? However, seeing the whole movement only comprised a few dollars, its not much, unless maybe you have options and alot of leverage. ;)
2005-07-02 03:44 | User Profile
Josey, you aren't thinking of speculating on oil are you?
I've always heard this a simple rule for small men speculating on commodities. DON'T. You're competing against the big boys, who have a few more resources than you do.
2005-07-02 04:28 | User Profile
The price of oil is going up......take it or leave it.
I still have 532 gallons left of the 1,000 gallons for which I paid $1.69 in advance :clap:
2005-07-02 06:45 | User Profile
[url]http://ichart.finance.yahoo.com/z?s=%5EOIX&t=3m&q=l&l=on&z=m&p=m50,m20,m200&a=vm[/url]
From what I can tell OIX broke above out of the head and shoulder around the end of may.
2005-07-07 00:58 | User Profile
[QUOTE=AGAviator][url]http://ichart.finance.yahoo.com/z?s=%5EOIX&t=3m&q=l&l=on&z=m&p=m50,m20,m200&a=vm[/url]
From what I can tell OIX broke above out of the head and shoulder around the end of may.[/QUOTE]
im looking at the period starting about mid-june till present.
todays action saw the index drop $6 and change. im not real familiar with the oil industry at all, but looking at the charts, id say the right shoulder might be forming here, after which its off to the races if the pattern holds...
compare this [url]http://stockcharts.com/def/servlet/SC.web?c=%5Eoix[/url]
to this: [url]http://www.stockcharts.com/education/ChartAnalysis/headShouldersBottom.html[/url]
Of course, ill repeat the old disclaimer here - past performance is no gaurantee of future results.