CRL breaks out on higher volume
CRL is a stock which has recently appeared on my watchlist after comfortably clearing the double top formation from 2008. It had begun to trend well prior to this (since the golden cross in September 2014 - although price did retrace to retest the 200ma a few weeks later).
The gap up on 11th February saw price convincingly clear the $70 round number and recent pivot high but, due to this being a major resistance zone, we wanted to wait for further confirmation of the trend. There was no retest of the $70 zone but we have had two bull flags since then, so yesterday's breakout bar (a very bullish bar on higher volume) gives a very good entry.
The one downside of this stock is the lowish volume. Plus there are several other opportunities today which may provide higher probability set ups.
The gap up on 11th February saw price convincingly clear the $70 round number and recent pivot high but, due to this being a major resistance zone, we wanted to wait for further confirmation of the trend. There was no retest of the $70 zone but we have had two bull flags since then, so yesterday's breakout bar (a very bullish bar on higher volume) gives a very good entry.
The one downside of this stock is the lowish volume. Plus there are several other opportunities today which may provide higher probability set ups.
