This chart illustrates a classic cup-and-handle chart formation and it's corresponding chart correction. Cup-and-handle formations are chart patterns that develop in a bullish market. If you can spot the trend early enough, you can execute a successful trade. Though CEMJQ is currently in the correction phase, I still believe that is has more gas left in the tank. This stock is not just a technical play in my opinion, but also a fundamental play. The RSI and accumulation/distribution line are cooling off a bit with the chart pattern correction, but as long as the long-term up-trend stays in place, CEMJQ has not finished its northern ascent.
No comments:
Post a Comment