Vringo Setting Up for a MONSTER Break-out
As Vringo continues to successfully force settlements out of accused infringers of their intellectual property, the share price has been beaten down. The chart appears to be forming a descending triangle pattern. Although this pattern is normally considered a bearish formation, I believe there are technical indicators pointing to a possible B/O beyond the current all-time high.
Contributing factors are strong support in the $3.35 area, significant short interest (representing approximately 26% of float), a business model that (currently) is not considered "favorable" by Wallstreet.
Contributing factors are strong support in the $3.35 area, significant short interest (representing approximately 26% of float), a business model that (currently) is not considered "favorable" by Wallstreet.
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