There is a trendline that stretches back to the beginning of time on this chart and the stock marches forward. It appears though that a top may have been reached. However, I'm not yet convince. We have two conflicting patterns here. A double top that indicates a fairly savage drop. Or a pennant which makes up the second peak that indicates a resumption. Of trend. A double top here would represent a fantastic point which to get about a 35% gain on a short, or 10% or so on a rise and then a continuation of trend.
It is very significant when a tend is broken and TNE looks to have done it before in the making of this pattern. However, given that the stock attraction to the trend is so strong one could also build a case for the upside. There is also the chance that a consolidation zone forms first before a resumption of the trend.
I wont be trading this but I will be interested to see how it plays out.
It is very significant when a tend is broken and TNE looks to have done it before in the making of this pattern. However, given that the stock attraction to the trend is so strong one could also build a case for the upside. There is also the chance that a consolidation zone forms first before a resumption of the trend.
I wont be trading this but I will be interested to see how it plays out.
Comment:
Come to think of it, that could also be a bat. So that could be another signal for a down drop. Either way, what ever direction this thing chooses to go it will be significant given that longstanding trend