Head and Shoulders - My Stocks Investing

Sound Global – At a Very Critical Support Now

Post author:Marubozu
Post published:June 27, 2010

Sound Global seems to have ended an Elliott Wave B and start a Wave C. (Refer to previous post on the Elliott Wave pattern on Sound Global). This turning of direction also potentially forming a right shoulder of a Head and Shoulders pattern.

Things to look out for:

Currently Sound Global is just sitting on a critical support at about $0.846. This is a support level of 20D MA, 50D MA and 78.6% Fibonacci Retracement Level. Breaking below this level will send Sound Global to test the up trend channel support (green line).
If the uptrend channel support (projected at about $0.80) is broken, the next support is the neckline of the head and shoulders at about $0.77.
If this neckline is broken, the price target of this head and shoulders pattern is $0.51.

STI – Bearish Outlook

Post author:Marubozu
Post published:June 23, 2010

So far STI’s chart has a bearish outlook.

STI is currently trading in Elliott Wave B and hitting 50D MA resistance. Expect STI to pull back to end Elliott Wave B. If STI breaks the 200D MA support, Elliott Wave C will start.
STI is in the process of forming a Head and Shoulders with neckline at 2,660. Breaking below this neckline will send STI to 2,287.

Oceanus – At the Neckline Now!

Post author:Marubozu
Post published:June 18, 2010

Oceanus is currently just sitting on top of the neckline of a Head and Shoulders pattern. This neckline also coincides with 61.8% Fibonacci Retracement Level. Oceanus came back recently to test this neckline. This $0.317 will turn from support to resistance if it cannot be broken. Price target for this Head and Shoulders chart pattern formation is about $0.18.