Wednesday, April 27, 2011

GIGM Trade Idea

Take a look at GIGM, it has formed a H&S base or inverted H&S.

 The volume for the pattern is correct, the breakout zone is right in the area, $1.68 officially breaks it out.

The daily 3C chart also agrees almost perfectly with the volume for the pattern.

The pattern carries an implied price target of approximately, $2.40 which would likely take several months to achieve with pullbacks along the way. It's in an interesting spot and well worth a look. Remember, this is below $5 and as such is a speculative trade, risk management should reflect that.

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