Stock Chart Analysis TAM

Posted by downtowntrader | 4/29/2007 09:45:00 PM | 0 comments »

Stock Chart Analysis of TAM S.A. (ADR) (Public, NYSE:TAM)

Airlines have been extremely weak recently and TAM may be ready to follow suit. This has been a tough chart to trade, and it may continue to be the same, but it shows much promise. It looks to me like it broke down out of a large triangle like base and looks like it is now setting up in a diamond pattern. I don't find too many diamond patterns, but this looks like a decent example of one. It is sort of a cross between a pennant and a triangle, but trading it is fairly straightforward. I will look at shorting if it falls out of the lower trendline.
Good Trading,