This chart was published with errors, I created a second one that is more accurate with the 3 drivers and price targets. Please disregard this one for once a chart is published, it cannot be deleted.
I don't guess in these pennant formations, I wait for the chart to tell me which way to go. Two trend lines are converging. Low volume, overbought in slow-stoch, and a weak close. The price moves are more powerful when it bounces off the resistance than it does off the support. I'm ready to go long or short but it's worth noting this triangle formation.
I believe...
Price show 2-waves of strong downtrend momentum. You can see the lower highs and lower lows which indicated a short term down trend encapsulated within the red PF.
Standby to short once it is near the area indicated but use price rejection method to enter to be safe.
ORCL test Nick line for Head and Shoulder formation supported by 20 / 50 SMA and Mid Bolingar Band .....the long term down trend is confirmed by Double Top seen in Monthly chart seen in 36.50 , it seems like the bears are very strong with 16 June and 13 Mar Bearish Weekly Engulfing , we would suggest Buying Dec 2013 Put 33 Strike ....this scenario will be canceled...
