Saturday, April 19, 2008

TPX Update for 04.19.2008


Monthly chart shows that the bears have sold off the stock, and now price is right back to test its all time low made in October 2005. Since the Aim Trimark fund manager bought more stock at the $17 level, it has lost about another 30% or so. No buy signal/pattern evident on this timeframe as of yet.

Weekly chart shows price in small consolidation/trading range. There were early buyers willing to step back into stock near its all time low. However, price action is tracing out what looks to be a bear flag for lower still.

Daily chart shows kicker signal pattern being made as bulls gapped up the open on Friday's trading session. Will the bulls be able to hold the low and take price higher? Friday's session shows that even though the bulls were able to gap up the price at the open, they were soon overcome by the bears, and they were unable to hold onto most of their gains for the day. Look for continued weakness unless proven otherwise.

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