Friday, March 21, 2008

MA Post 2

I apologize for not posting again on this...MA (Mastercard); Break out or fake out?

Well, if you consider the swing highs that form the triangle (as pictured above); it closed the holiday week right above the resistance line. It traded higher than the line but pulled back just a bit. And it perks my attention that the massive amount of volume I was looking for to confirm a break out; happened on the previous day...and the previous day was a down day.

Overall, I'm cautiously bearish on this...in any case i'm not trading this because it would break a rule ("Don't trade stocks that are over $200 per share")...I'm posting about it because I like the technical pattern...

Have a blessed weekend!

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