Tuesday, August 17, 2010

Descending triangle pattern on Oceanus

Oceanus, a descending triangle chart pattern has formed on this downtrending stock since early this year. Stock is define as downtrend if the stock price is below the 200, 50,20 moving average line. This stock has shown some bearish signal this few days that gave us an opportunity to sell short. If next few day it breaks below $0.30 it will be confirmation of a downtrend breakout.