We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the Idenix Pharmaceuticals Inc. (IDIX).
I hope you are having a GREAT week !!!
This week let's take a look at a low priced stock that might be headed for higher prices.
With stocks we use the monthly MarketClub Trade Triangle for trend and the weekly MarketClub Trade Triangle for timing.
IDIX has made a double bottom base pattern and has taken off to the upside.
The move so far has put in a weekly (not shown on chart) and monthly MarketClub green Trade Triangle which puts the odds with higher prices.
If IDIX continues higher from here and makes a breakout of the double bottom that will be even more confirmation that IDIX could be a low priced stock with the possibility of turning into a high priced stock.
Of course we never know what's next, but IDIX looks to hold great promise, and is definitely a Chart to Watch.
Thanks,
Jim Robinson
Profit Trading.com
