CS, hi Samuel, while I always enjoy and am intrigued by what attracts others to stocks I only buy, based on my interpretation of the technicals. If that aligns itself with other factors, so much the better.
I'm relatively new to this thread but apparently Tim has proven himself many times over to the participants here.
CS popped up on a volume scan on May 6th....a quick look at the chart showed a few things, the mini cup and handle formation shown here (imperfect) but more importantly the the triple, actually a quadruple top break...partly but not entirely shown.
geocities.com
I still hesitated to buy because of travel plans...then on the 14th it formed a bullish engulfing line, the 14th totally engulfed the 13th on a short downtrend (this is bullish). That coincided with a successful test of support...the red resistance line becoming support, green line.
It broke more resistance today at 12 or so and hopefully that line will become decent support on any pullback, too early to say for sure.. There are other factors here as well, trendlines etc. but I'm tired.
To anyone lurking keep in mind one thing. I personally never put more than 10% trading funds in any one stock.
No guarantees and not without risk...but it looks good right now.
TA is not infallible, unexpected bad news, index or stock specific, will sink CS like a rock, but for now...
Good luck,
Stan |
