3PAR (PAR) : Accumulation and Bullish

3PAR (PAR) has a bullish crossover with Tenkan sen cutting the Kijun sen on September 11. That is confirmed together with a accumulation signal from the Chaikin Money Flow indicator.

At that point, immediate resistance is expected from the kumo at 10.67

However, it only takes 2 weeks for 3PAR to breakout of the resistance. From the Chaikin Money Flow indicator, we can see that there is more accumulation going on.

At last closed, 3PAR is trading at 11.70 with possible resistance at 12.51 from its high back in July.

As mention on September 29, it is not clear what has changed since then.

I have a small position and may continue to accumulate. However, at this level, I will go with Covered Call to minimise my downside risk.

2009Oct-3par Inc-800x600

By iam802

Trend trading with Ichimoku