Home > Uncategorized > Ascending channel on CAL daily chart….possible short opportunity!

Ascending channel on CAL daily chart….possible short opportunity!

January 20th, 2010 Kipp

I have been having some fun using our new LightWave application.  Having the ability to use the Wizetrade charts together with price charts is very powerful.  It allows us to see things we might have missed using one alone.  You notice in this screen shot that CAL is moving up in an ascending channel on the daily chart.  By drawing the upper and lower lines of the channel, you can see that CAL is currently trading near the top of the channel.  You will also notice that the 2 prior reversals were both greater than $6.00 each.  Although CAL has a fairly strong green up trend, I think the reward far outweighs the risk in this trade.  Obviously you need to determine is a trade like this fits into your plan and your risk tolerance.  It would definitely be worth keeping this one on your radar, waiting for the reversal!!

Kipp 

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