Thursday, February 16, 2012

Amtek Uptrend is Put to Test

If we look at the last 4 days to Amtek's stock prices, we will realise that the prices are significantly being resisted by the 200d MA line. Very very obvious happening in this strong uptrend.

Going by the way the MACD and RSI is trending, as well as the diagonal major support line, the uptrend is not going to change any time soon. It is strong. But so is the 200d MA line. So what next? A symmetry triangle is being formed between the 200d MA and the diagonal major support. In this case, breakout can really be on both sides of the triangle, while in my opinion, it is highly possible to be on the upper side. But I do not like probabilistic scenarios nor to second guess the market.

Trade wisely and where there's a doubt, money is best kept in your pocket.

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