TSX:SUE.WT - Post by User
Post by
TAPickson Apr 11, 2011 8:15am
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Post# 18412333
5 to 7 rule
5 to 7 ruleSulliden caught my interest last weekend when I was doing my scans because of the number of red candles it had in a row, six of them. You typically see a reversal after five to seven red candles so I added it to my watch list and I've been looking at it this week. It has resistance at $2.00, has been posting higher lows and what looks like an Ascending Triangle formation but there isn't enough candles to call it that really.
An entry here might be interesting to see if it breaks the down trend because if it does, the target is $2.43 for gains of 21.5% as indicators have started to turn upwards from an oversold condition.
See chart https://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=b285737b82#SUE
For other weekly picks see https://www.ta-picks.com/WeeklyPicks.html
Cheers!