Posted by 10 February 2006

Chart Request: NGAS Resources (NGAS)

On Wednesday night Andrew wrote:

Mike, I’d like to get your thoughts on NGAS. It looks like a symmetrical triangle is forming and the path of least resistance is to the upside. Also, one analyst recently increased his price target to $18.

I agree about the triangle but I didn’t see a path of least resistance until yesterday. That path appears to be down now that it’s broken down under the bottom of the triangle:

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Comments

  1. Posted by Mandeep on February 12, 2006 at 12:52 am

    Hi Mike,
    Could you check out the daily volume on NDAQ on Friday and comment. It amazed me that someone was able to trade almost three times the volume without making a dent in the price.

  2. Posted by Michael on February 12, 2006 at 5:47 pm

    Mandeep, I dodn’t see the high volume you’re talking about. It looks about average on my chart and accoring to Yahoo:

    Volume: 1,258,840
    Avg Vol (3m): 1,207,250