Study 2nd day; PETS
So I predicted the following things on PETS yesterday:1. go up to the descending resistance from the triangle 2. get out the triangle on the bearish side.
So PETS moved more or less like I expected; It went up strong and closed at 10,55
On the intraday however PETS got to 10,72 which is an intraday spike out of the triangle. So far so good. The thing which is making me doubt (a little) if I get this prediciton right on both points, is yesterday's volume; It was still lower than the previous moves up, but it was higher then expected.
Volume will be interesting to watch today; A move further up on low volume is a signal of weakness (and probably a false break out), a move down or consolidation on average volume (or more) is also a signal of weakness. For the stock to prove strong it has to; either go further up on higher volume than yesterday, or consolidate on very low volume.
posted by nikao @ 7:56 AM
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