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John Lee

Charting: Valence Tech

By John Lee on October 1, 2008 | More Posts By John Lee | Author's Website

Valence Technologies (NASDAQ:VLNC) was requested by a reader today. This is not the type of chart I would trade. The reason is that there are too many erratic swings in the stock. The descending triangle was obvious, but yesterday’s spike?!

This stock doesn’t provide a favorable risk/reward ratio. If VLNC holds the $3.50 level and consolidates, it may be a buy, but any breakdown into $3.25 is a warning.

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