 This is the kind of chart that makes me want to go long on the open.
Also, who would not want to be long a company [[VVUS]]Â who makes a product that increases the libido of women?
Read about it here.
I know nothing about [[CPL]]. I included it as it shows a beautiful Cup-with-Handle breakout.
No volume on VVUS breakout…
Still long?
DP, I’ve got the volume as more than twice the average. I think it is sufficient.
Woodshedder, nice pick up on VVUS. I agree that the volume is meaningful. Ima gonna add it to the watchlist for Monday.
Woody, I normally like your work, but i just hate it when people see patterns where none exist.
That is a rather far fetched “cup and handle” pattern for CPL. I would go for a “down trend break-out” and then a “bull flag” pattern. Much the same as what GE and JNJ have done just recently.
http://www.chartpatterns.com/flagsandpennants.htm
Greg, this pattern for a cup with handle is based on quantifiable criteria.
This pattern was not identified by “eye,” but rather by a screener that searches for patterns based on William O’Neil’s criteria for a cup with handle breakout.
One could argue that it is or isn’t a good example, as the screener will find ones that are more or less than textbook.
In the end, based on the criteria identified by WON, and programmed in quantifiable terms, this is a cup with handle.