Coastal Contacts Inc COA

TA: $2.67-$2.75...

[robvanhooren]

Recognia posted this TA at close yesterday.
GLTA.
R.
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Coastal Contacts Inc forms bearish "Top Triangle" chart pattern
Nov 08, 2011, 4:00 PM ET
Recognia has detected a "Top Triangle" chart pattern formed on Coastal Contacts Inc (COA:TSX). This bearish signal indicates that the stock price may fall from the close of $3.11 to the range of $2.67 - $2.75. The pattern formed over 29 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
Tells Me: The price seems to have reached a top, showing signs of reversal as it has broken downward after a period of uncertainty or consolidation. A Top Triangle shows two converging trendlines as prices reach lower highs and higher (or stable) lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks down below the lower trendline with a noticeable increase in volume, confirming this bearish pattern as a reversal of the prior uptrend.
This bearish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.

[M4verick]

Technical Analysis is the biggest joke in security analysis; but then again I am a value investor so what do I know. How could you possibly predict the future with past events? Any Technical Analyst who claims to be able to accurately predict the market better be a billionaire.Look at the story of the company.A. Is it working?B. Profits?C. Debt/AssetsD. Longevity?E. Competition?F. Price/Earnings