Friday, September 24, 2010

Oceanus -- 24th Sep 10


Oceanus since broke out from the bull flag formation at $0.32, it has yet to realize it potential target of at least $0.375 ( from breaking out of bull flag formation ).  Since then, price has been moving in narrow range between $0.325 to $0.345 and apparently forming a symmetrical triangle shape in the process.  The apex of the symmetrical triangle is at $0.335 and breaking out at $0.335 would also indicate a potential target of at least $0.375.  So far both the bull flag or symmetrical triangle formation still remain intact and valid.  A breakdown at $0.32 would invalidate both the bull flag and symmetrical triangle formation.  Thing to lookout for is the expansion of volume if breakout at $0.335 occur.