C & O Breakout
October 23, 2010 § Leave a comment
C&O has broken out convincingly and is still a good buy :
1. Extremely high volume
2. Stochastic midway up from oversold region
3. Candlestick has a long tail shadow
4. Bounce back after touching uptrend line
5. GMMA likely to start to expand.
6. Closed above several time tested resistance of 52 cents
With all the supporting technicals above, and price currently only half a cent from new support, traders can look at entering larger positions (after position sizing) with stop loss at 51.5 cents.
Conservative traders can keep stop loss at 49 cents