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Gold/Mining/Energy : ANY CURRENT break outs!! post here
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To: DyzdNCnfzd who wrote (423)6/1/1997 12:03:00 PM
From: Solid Play   of 474
 
You are correct that CCO has trended up for the past 8 or 9 days or so.

My proprietary momentum indicator would have issued recent Buys and Sells as follows:

Mar 3 Buy Cl Price $ 50.80
Mar 27 Sell Cl Price $ 54.50 + $ 3.70
Apr 25 Buy Cl Price $ 47.70
May 30 Hold Cl Price $ 53.85 + $ 6.15

The price came very close to generating a sell signal 6, 7 and 8 trading days ago, but managed to reverse and continue its bullish stance.
Thus the stock is still a hold and looks to have room to go higher.

The nearby resistance of note will be $ 55.25 - $ 56.50 range encountered between Mar 10th and 19th.

From a strict chart analysis viewpoint, a trendline drawn downwards over the last three price tops would show that the price cut upwards through this line 3 days ago.

In my mind this does not constitute a Break-Out per se, since the stock has not really had congestion in a tight trading range to speak of.

Should the $ 56.00 - $ 56.50 area be broken thru, then the $ 60.00 to $ 61.00 area should be the next resistance.

If and when the stock can pass thru the $ 60.50 - $ 61.00 range, then I would say it has much more room to run.

Naturally, we may see a run and dip scenario playing out repeatedly through this area and any fundamental news or changes will affect the market mentality that presently exists.

For more stock ideas based on this type of analysis, check out the Solid Play Trading Report site at:

inc.com

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