Trio Resources Inc. TRII trading at .03-04 ranges recently tested the 200MA and pulled back, caught support at 50MA and has been accumulated and pushed back above the 200MA for two closing sessions now on good volume.
Bearish deep crab. Target 1 at 14244.45 23% fib level. There is also strong support around X highlighted in red. If sellers can push through, I'll be looking for 12744.77 as my target 2 at the 38% fib level
Elliott Wave analysis suggests we are in a correction on Facebook, which should take us quite a bit lower before the rally continues. A bear pennant pattern seems to be developing, with an Elliott wave interpretation there is a low risk/reward trade setup. Let me know what you think..
This is a classic Fous4 pattern straight out of the DVD. Looking good overall, though not enough volume to support the up trend. But this is just an example of a good profit taking pattern.