Failed breakouts
2005 May go down as the year of the
failed breakout phenomenon! It seems to be happening regularly, with
good chart patterns giving nice gains on breakout day, only to be followed by a
failure the following day.
Here’s 2 examples of nice breakouts yesterday in
(
BABY |
Quote |
Chart |
News |
PowerRating)
and
(
SNTO |
Quote |
Chart |
News |
PowerRating) from ascending triangle patterns, both of which failed today.
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