Stock Chart Analysis LTON
Linktone Ltd. (ADR) (Public, NASDAQ:LTON)
LTON had a nice surge a few days ago and has been consolidating that move since then. Chinese stocks have been on fire and while this is not a Chinese company, they provide services to China. Either way, I could care less what the driver is as long as someone is buying it. As a technical analyst, it is my job to uncover situations where one group of traders is overwhelming the other. LTON is a good example where bulls may be about to overrun bears.
Here is the daily chart showing a possible pennant forming above the 200 day sma.
The weekly chart is also promising showing LTON trading up near the high end of an established trading range. This is a level I will be watching as a break could mean the beginning of a new trend higher.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Subscribe to:
Post Comments (Atom)
0 comments
Post a Comment