NICORP - Saucer in Formation

NICORP - Saucer in formation (April 10, 2012)

This is following my previous post on NICORP breaking out of its correctional downtrend channel on April 05, followed by a 2-day strong run up to previous peak of 0.575 on convincingly higher volume. 

It then retraced 38.2% of the run-up to form a base around 0.520 level. Late trading today saw price shooting up to touch 0.56 level briefly, before closing lower at 0.54. 

After such movement, I reckon that NICORP might be forming a slightly tilted cup-&-handle pattern, with the left peak at 0.58 (March 21), & right peak at 0.575 (April 06). While last two days correction looks like a 'handle' in formation, retracing about 1/3 of the previous run-up. The HANDLE usually takes about half the time or less to form compared to the CUP. Thus, giving us 4-6 days time starting from April 09. However, subject to market volatility, any convincing break above 0.58 shall mark a successful breakout, targeting a 0.145 range.

To the downside, any break below April 9&10 low with high volume shall nullify the pattern formation discussed.

On another hand, shall price successfully reach the TP@0.72, we will be in another bigger saucer pattern with the left peak being the Mach 12 peak of 0.73-0.75. We shall then wait for another correction from the rally & ride on that wave up to challenge the 1.00 mark.

Of all the speculative counters, NICORP is just my favorite for its more predictable trend & movement. Do not refrain yourself from these 'HOT' counters as they might just be able to give u that handsome profit which comprise almost the annual return a big-cap like DIGI or DLADY can offer. Still, this counter is ONLY FOR RISK-TAKER !!  That's me!!  :D

ENJOY !! HAPPY HUNTING !!