InnoTek broken out of triangle

Hey all,

I have found a confirmed symmetrical triangle in Inntek Holdings, M14.SI. Price action is not ideal, but I see a general zig-zag pattern in the triangle, so a symmetrical triangle it shall be. Volume is good, descending in the triangle followed by a surge on breakout day. In almost half or more of all triangles I have seen, breakout is followed quickly by a pullback. The top trendline from the triangle can be extended and act as a descending support line, or (for me) I will look at the last trough ( read: dip) in the triangle as the support region.  In this scenario, the last trough would be at $0.515. Click the chart to enlarge it and see the details. Now, InnoTek would be in a consolidation stage, after which I am hoping price will stage its run to hit the target of $0.675. Let us see how InnoTek goes.

Speaking of triangles, I would like to sho you all two charts. In case you have missed/forgotten about these two triangles I posted about weeks back, this would be a refresher. And for anybody just starting out on technical analysis, here are two other examples of triangles. Dukang has already hit its target, while Hisaka is still “direction-less”. Time will tell if Hisaka and InnoTek hit their targets.

 

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: