SWIR Falling Wedge
By Johns Wu on Jul 22, 2005
as u can see, for the last couple of weeks, i’ve been obsessed with learning chart patterns. heres SWIR, which is making a confirmed reversal from its falling wedge pattern today on heavy volume. i think it’s because was upgraded by analysts today. also, they reported earnings recently so that probably played a role.
anyway, today the stock filled a historical gap at around $8.00-$8.25 and is resting at a support, which makes sense. i’m not sure if it will continue to run tomorrow, but if youre an experienced trader, you might want to see how it opens tomorrow morning. good luck.
UPDATE: after i reread my post, i just realized that SWIR could be forming a Island Bottom Reversal pattern. do u see the "island?" according to this rare pattern, the stock should be bullish in the immediate shortterm.
oh and also, im interested in seeing how GOOG performs tmw. the afterhours action was all over the place. it went from 315 to 300 to 320 to 280 and finally to 295. crzy. if i had been involved in that stock, either long or short, i would have gone insane.
4 Responses to “SWIR Falling Wedge”
hey,
haha i just checked out their Q2 results. youre right, it does look pretty bad. i’m surprised piper upgraded on these results?!
but yeah, almost never go longterm on any companies mentioned on my blog w/o doing research. with the exception of BWLD and ELN, i dont really ever look at fundamentals. lately i’ve just been scanning for cool looking charts for short term trades.
SWIR breaking back above its 100 day simple moving average along with Stochastics rebounding off very oversold levels are strong positives for this stock.
BTW, Please look at a five year semi-log scale chart for AMCC and you’ll see it just broke above a very clear downward trendline starting at the 2000 peak near $110. The low for AMCC was about $2.60 and is now at $3.20. Trade well!
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Actually, the fundamentals on Sierra Wireless are extremely poor. If you are educated, a quick read of the release tells you they are burning cash on hope and hype.
This pop won’t last. As for the upgrade, check the history of the “Upgrades” from the said upgrader… Piper.
If you did the opposite of Piper, then you were a happy long.
If you shorted their last upgrade, you made a ton.