Falling Wedge BreakoutThe last one this week was brought to my attention by a member in our chat room who noticed the increase in volume and he had an alert setup in QuoteTracker that would notify him when the price moved above the 200 SMA line and correctly identified a Falling Wedge pattern that was breaking out on high volume.
I don't think this play is over and has a potential to test the next resistance line at
.59 for gains of 35.6% from an entry of
.435 if you can get this on Monday. But with the high volume it had on Friday and a strong close, it would not surprise me to see it gap up at the open. Just remember the morning caffeine rush you get from 9:30 am to about 10:15 am, this is the time where we often see a pop in the early trading session and then a pull back. By 10:30 am the pull is generally over and the second wave of traders start to look for a good entry position if they've missed the first pop. So keep this in mind of you're going to take position in this and watch your intraday chart to find the best entry.
See chart https://us1.campaign-archive1.com/?u=4d6d491aea8e01d93d8a1f390&id=b285737b82#MDL
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Cheers!