Can QES Break Through and Form a Handle?QES might be looking at attempting to break its immediate down trend line. Strong resistance at 0.325/0.340
If it moves towards 0.370 and breaks past, it might be forming a complete cup and handle.
QES trade ideas
QES - accumulating in ascending trianglePrice action shows formation of ascending triangle and its attempting to complete a Higher Low inside the pattern. Volume is reducing in the pullback - good sign. We expect the price to continue down before a reversal. We can wait at 38.2% Fibo (and confirm with reversal chart pattern) for long entry.
Speed: Fast with 258M shares float (31% of 834M shares)
TAYOR
QES VCP DevelopmentQES volatility contraction pattern has developed ~4 months since it previous peak with 4 contraction below:
C1: ~39%
C2: ~16%
C3: ~12%
C4: ~5%
The last 3 trading day shown strong support together with volume around 0.315.
QES will further attack once it break 0.325.
With 0.295 as final support, the risk ~6.5%.
In term of fundamental wise, 5 recent quarter shown profit. Not like other penny stock that rise without fundamental support.
Disclaimer: This analysis is just a sharing on volatility contraction pattern and not a buy call sharing. Trade with own risk.
