iAnneTrader

CVA bullish flag in an uptrend

Long
NYSE:CVA   COVANTA HOLDING CORPORATION
CVA has just printed a bullish flag in an uptrend (on Thursday's bar). This gives a good indication that price will continue to rise (no chart pattern has 100% accuracy).

However, there is not so much room for this stock to uptrend before hitting resistance at around $30 (the 2008 high was $30.37). Some breakout traders prefer to only buy those stocks which are printing new all-time highs - and there are plenty around to choose from. But there is a potential for several dollars in this one , so should not be dismissed out of hand (particularly by shorter-term traders).

The pullbacks on this stock (since breaking above the 200dma) have been a little deep on occasion but nothing to cause concern. This suggests that a good trend is in play and may be worth further consideration on the next set-up.

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