DOVP Triple Top

By Johns Wu on Jul 24, 2005

keep DOVP on your watchlists next week. last week, it tested the historical triple trendline resistance with significantly above average volume. look for strength but i would probably wait for a confirmation before buying.

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This entry was posted on Sunday, July 24th, 2005 at 7:00 pm and is filed under Annotated Analysis. You can leave a response, or trackback from your own site.

2 Responses to “DOVP Triple Top”

By Anonymous on July 24th, 2005 at 11:04 pm

What type of confirmation are you refering to?

By jwu on July 24th, 2005 at 11:13 pm

You probably would want to see if the PPS breaks through the trendline resistance solidly with very high volume (this is the key) before going long. Otherwise, you risk being trapped in the stock if theres a head-fake and it winds up plummetting back to its historical support (like it has done in the past). In this situation, you might want to set trailing stops or at least a hard stop slightly below the resistance.

All in my opinion though, do your research and analysis if you choose to trade this stock.