McCain Breaks Cup & Handle
Source: http://alphatrends.blogspot.com/2008/09/mccain-breaks-cup-handle.htmlPosted on Friday, September 5th, 2008 | In Technical Analysis Videos
Contributed by: Brian Shannon (http://alphatrends.blogspot.com) -
The McCain Presidency contract broke above the 20 & 50 day MA’s in early August and has held the gains nicely. Since the beginning of August there has been a nice pattern of higher highs and higher lows. With a rising 50 DMA, this market remains “innocent til proven guilty”. Notice the shakeout below 38 prior to his speech, from failed moves come fast moves? The contract is tracing out a bullish cup and handle which shows strong Republican momentum.
At the same time, the Obama contract is looking like stage three distribution. With this contract below the declining 50 DMA, I would be thinking of exit strategies if it breaks what appears to be key support near 56.
DISCLOSURE: NO POSITION
Thanks for pointing this out, Eric.
Last 5 posts by Brian Shannon
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 About Brian Shannon (http://alphatrends.blogspot.com)
Brian Shannon is a full time trader who shares his market experiences on the highly popular alphatrends.blogspot.com site. Alpha trends has been called "the youtube of technical analysis" by Technical Analysis of Stocks & Commodities Magazine (March 2007) and has been praised in Barron's (October 23, 2006) and Active Trader Magazine (July 2007). Brian trades an account at www.worldcupadvisor.com since March 2006 and in that time has more than tripled the results of the S&P 500. He can be reached at alphatrends@gmail.com |
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