NOL short term ascending triangle

My thoughts on NOL:
NOL has good fundamentals to begin with. In the midst of consistently improving freight rates and earnings, NOL is on track to better 3Q10 results. However, this has been a laggard in the recent STI run up, though its backed by sound fundamentals. Despite the uncertainty in economic outlook from EU and US, sentiments point towards a improvement in global trade, and this sentiment is likely to soon have positive impact on markets perception of shipping lines. Already Cosco and Yang Zi jiang had already a fantastic run up as compared to NOL.


Technicals:
Recently over the month of September, NOL has been forming a small ascending triangle whereby there are higher lows. This is indicative of a strong buying pressure and if prices do move up from today's low of 1.99, the ascending triangle would be quite sound. Ascending triangles have a definitive upward bias, and i believe there is much room for NOL to go up. On a macro view, NOL is also within a symmetrical triangle. Breaking of the ascending triangle and the symmetrical triangle would be a bullish indicator, and vested investors should hold. Those intending to buy in can wait for the breakout at 2.08 on high volume to ride the trend.

Alternate hypothesis:
I believe it is unlikely that NOL breaks on the lower side of the symmetrical triangle, barring any unforeseen unfavorable news. Traders can set a cut loss at 1.99. With such a tight cut loss point, it will limit the risk but enjoy the potential of a strong run up.

Regards,
F.T.