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Long

Canon Inc: is a triple bottom shaping up?

NYSE:CAJ   CANON INC
27 0 0
Canon Inc             has traded in the range of $30-34 for over a year. The share attempted to break through the $30 level in February-March, 2014. But this was a false breakout as a double bottom pattern shaped up and the price reached the upper boundary of the $34 range. The price tested the $30 mark and bounced off it in October. Now the price is likely to reverse to the upside through a triple bottom pattern.

A buy signal would be if the name closes the week above $32.

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