Cup ‘o Naz
The futures have been in a downtrend since 11:15AM ET, after
topping off.
As for the daily charts, there are numerous cups forming. Let’s
look at two setups.
Today’s Tech Watchlist:Â
(
IWOV |
Quote |
Chart |
News |
PowerRating),
(
SANM |
Quote |
Chart |
News |
PowerRating)
Interwoven
(
IWOV |
Quote |
Chart |
News |
PowerRating) had a significant pullback in the middle of October.
After bottoming near October 12, it quickly turned around to test its previous
high. Currently, it has traced out a cup pattern. Set your alerts near the highs
and watch for a breakout above this key-level. Conservative traders may want to
look for long opportunities on the daily following the new high.
Sanmina
(
SANM |
Quote |
Chart |
News |
PowerRating) has a similar pattern to that of Interwoven. It tested its
highs on both Monday and Tuesday, but failed to break through. Of course, there
is always tomorrow, but we will not speculate. As with IWOV, watch for a new
high breakout followed by a continuation move.
Until later,Â