Wednesday, November 7, 2007

AT - forming an inverse head and shoulders reversal pattern

AT = 15.5 (-1.6%)

AT formed a shaven black candle between the 130 and 32MAs.

Disclosure: Bought AT at 15.75 to try to profit from a possible inverse head and shoulders reversal pattern with a possible target price of 22-23-24. Kindly visit Tarantrader's blog for a more detailed discussion about the reversal patter for AT. The the possible inverse head and shoulders was very popular at the Absolute Traders chart analysis forum last night at Seoul Fusion at Metrowalk, kindly visit the website of Absolute Traders for more details. Present last night was the chairman of Absolute Traders (Fitz Aclan) who shared his insights about AT and other stocks (I will try to post my notes about the chart analysis forum within the week for the benefit of those who were not able to make it or was present but otherwise preoccupied with the "beautiful" sights present at the affair ;P).

Even without the benefit of the reversal pattern we can appreciate the aggressive demand line for AT.

Resistance: 130MA
Support: 32MA
Breakout: 16/16.25/16.5

Good luck to all AT traders!

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