Wednesday, 17 October 2007

AT Last, It Looks Bullish

A lot of people have been making lots of money out of mining issues. But one of the older mining companies has been overlooked. AT has been quietly forming a bullish reversal pattern.

As we can see from the chart, AT is nearly finished with forming the inverse head & shoulders, which is bullish. However, there is no breakout from the neckline just yet. It hasn't even finished the right shoulder yet, so hold your horses.

What we're waiting for is a break of the neckline, currently at 16.50. So I will want to ride this at 16.75 with the target set at 23.00. Cut loss would be set one fluctuation below the neckline. Keep in mind that the neckline gradually decreases while AT doesn't break out yet.

Looks like this is what I will exchange my ELI for as it has returned to the support of .80. Damned stock...

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