RE: I've kept quiet on this one.The chart pattern as described in my November 22nd
Weekly Picks Newsletter worked out perfectly and perhaps a little more. My target was 35 cents and it peaked at 43 before closing the day at 40. This has now been set as resistance and we've seen the last few days where it tried to move above it but failed. Each time posting a lower daily high. Sound familiar? See a pattern forming here? If you don't, you should be looking in your books or better yet, quickly identifying the chart pattern with a set of
Chart Pattern Cards with information on how to play the formations on them.
What we are seeing forming right now is a Bull Flag. After a large run up (making the pole portion of the formation) the price consolidates in a descending but tight range (forming the flag portion). Breakout occurs within a week or two of trading to the upside. The new target price on this formation is the vertical length of the pole. In this case it was from 25 cents to 43 cents, so 18 cents. If the breakout occures at 38 cents (which I think it will), this places the calculated target on EMC at 56 cents.
So watch for an increase in daily volume over the next few days and be ready to jump in. EMC has been reliable on reading its chart patterns so far.
Cheers!