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Friday, October 29, 2010

WSTG

At first I saw a high volume breakout from a decently formed cup and handle pattern here, but on closer inspection there are way too many flaws for me. First off, this gets nothing for volume (25k is a "spike"), so it doesn't take much to move it around in either direction. The price relative line is weak, and was declining withile this was forming the right side and handle of the base (highlighted areas).  It does have a pretty well defined trading range for a thin stock, and it did break out, so I have to give it the benefit of the doubt, but not with my money.

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