Thursday, October 13, 2011

$AVNR Breaking out ascending triangle

$AVNR Breaking out ascending triangle 3 days ago with large volume, it just started day earlier by breaking out the 50MA too...after the breaking out, the price usually testing back the line that used as a resistance line and supposed to use as a support this time around $3.09
This retrace created a "Bull Flag" , breaking out this flag will gave us a long run up, as long as the flag pole, but braking down the $3.09 point might start a technical correction for the last uptrend between $3.00 to $2.80 as Fibonacci levels.

Daily Chart

Looking at the intraday chart 15min we can see the creation of the bull flag...and the volume contraction with a positive momentum

Start a position @ $3.10 with a close stop lose


  1. Do you still hold jan $5 calls? What is your opinion on them, thanks enjoy ur posts

  2. Thanks SD
    Yes I still have the Jan12 $5 calls, I also added some month ago so my avarage get lower but still underwater...
    If the scrips get higher and show a significant change, so the price might get pushed higher too, we have to see the next earning, and every thing will be clear...

    I just added Jan12 $3 calls too as I tweeted for $0.55 , it's a low premium as the shares price was around $3.20

  3. Thanks for the reply. I sold all my shares in July and bought calls instead, hopefully we get a nice run before January , heavily undertwater right now too lol