On the lighter side, we present our readers with one of the most absurd examples of technical analysis seen in quite some time, courtesy of an article in a website called SmarTrend entitled “Watch for Shares of Berkshire Hathaway (BRK.A) to Approach Resistance at $119315.99”
SmarTrend has detected shares of Berkshire Hathaway (NYSE:BRK.A) have bullishly opened above the pivot of $117685.00 today and have reached the first resistance level of $118665.00. We are watching for a cross of the next upside pivot targets of $119315.99 and $120946.99. Also, the shares are currently trading above the 50-day moving average of $114419.34 and above the 200-day moving average of $110688.46. SmarTrend, our proprietary pattern recognition system, alerted subscribers to buy shares of Berkshire Hathaway on June 17, 2010 at $117646.00. Since the call, the stock has risen 0.9%.
Apparently so. Technical analysis sites such as this one have apparently gained placement in the Google Finance system so those who view Berkshire’s chart are alerted to these stories!
Disclosure: The author of this article owns shares of Berkshire Hathaway.