TZN - Bullish Patterns
Here is the second analysis, of 3, Tom asked for. Don’t forget to get in your own stock review request to be posted on the STOCK MARKET GUIDE.
TZN is a mining stock that has been hit hard in this bear market, but it’s showing some positive signs, for the short term at least.
After coming off a $4.00 high in May 2008, TZN plummeted to a low of $0.31. The stock broke up through a 5 month down tend, came back down, used it as support and headed up again. In doing this, TZN has formed a small bullish pattern referred to as an Inverted Head and Shoulders (INH&S) See previous posts for an in depth explanation of this pattern. Should the stock break the neckline of the INH&S, there looks to be a clear run up to $0.86 before meeting any sort of significant resistance.
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January 8th, 2010 at 11:36 am
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