Stock Chart Analysis HOKU

Posted by downtowntrader | 2/21/2008 08:47:00 PM | 0 comments »

Stock Chart Analysis HOKU

Hoku Scientific, Inc. (Public, NASDAQ:HOKU)

Late this afternoon as all the solar stocks were making fresh lows, I saw HOKU trading higher. There is no news I can see that drove the stock, so I figured I would take a closer look tonight. In looking at the chart, it looks very sloppy and volatile. It can't seem to hold any breakouts, but it also resists falling apart. This is what ends up creating a solid base as market participant play the tug of war game with the price. One thing I did find interesting though, is how price has been bouncing off the 200 sma the past few dips. It has been very consistent after the breakdown that was followed up by a gap surprise. It looks to me like that gap will remained unfilled, and there is a better then decent chance that HOKU ends up forming some sort of important low in this area. And if by any chance HOKU gets over $14, then I pity whoever is stuck short.

Good Trading,


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