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Old 07-20-2011, 11:33 PM   Nav to Top  #1
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Default JOEZ Massive breakout pattern forming on the daily chart

JOEZ looks like the daily chart is forming a revival breakout pattern. It had earnings last week that beat analyst estimates, and it once again earned a profit (which is rare for a stock trading under $1.00), after previous losses. The stock was in a long term down trend and put in a bottoming pattern over the past 5 weeks. It tested the breakout point around $.96 two times and failed both times, but on the second sell off the sellers couldn't get the stock to break back to the $.75 lows, and instead it put in a higher low finding support at $.82 (with more support at $.75. The pattern is almost a cup and handle type pattern and the handle is forming right now. The stock was accumulated today by the smart money that are expecting a big breakout at $.96. The stock has an unfilled gap around $1.13, and the resistance at $1.20 and $1.32 so these are my targets. The stock will need to get some volume if its going to breakout, but I think this is shaping up to be a really good trade. I got long today at .90 for 15k shares when I saw the buyers coming in. If the stock breaks $.96 I will add 15k shares. If the stock drops below .81 I will stop out. This swing trade may take a week or more to play out, but it should explode to the upside once traders see this chart. See my annotated chart.
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