Monday, August 29, 2005

Study; PETS

I traded (and lost a little on) PETS before. In my opinion this stock is loosing momentum and will turn bearish in the (very) near future.

To learn some more I'll watch PETS for study.

PETS printed a big hammer for the third time this month on friday. Every time the hammer is followed by a movement up, but the reaction of the 2nd hammer wasn's as strong as the first one.
That's why I expect PETS to go up to the descending trendline from the symmetrical triangle (see chart below), which will come in today around 10,60. One could trade this, but it would be a max 6% win, so I wouldn't recommend it.
With volume declining I think PETS will get out of this triangle on the bearish side.

As a study I'll see if PETS will;
1. go up to the descending resistance from the triangle
2. get out the triangle on the bearish side.

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