Technical Analysis of Financial Markets

Friday, June 09, 2006

Hansen Natural Corp. (HANS) - Descending Triangle Breakdown ?

It looks as if HANS is showing showing signs of a pullback; it seems that a Descending Triangle formation has completed. The base of the triangle which had been providing support at $170 should now serve as resistance and a good short entry point. Immediate support is currently at around $155 where a previous gap has been filled meeting with the 50-day moving average and 38.2% Fibonacci retracement level of a parabolic uptrend that began in February. OBV is confirming the breakdown; however, volume lacks conviction.

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