Lots of people see a nice cup base breakout. This could turn out to be true.
But I've been following this stock most of the last year, and this channel has worked extremely well, and it's still within the channel. Not to mention the similarities between this run to the top of the channel, and the last time it topped the channel.
I will be waiting till the channel is no longer working before considering buying, and if I see an evening star develop tomorrow I might even go ahead and short.
Note how last time it gave a false break out of the channel before heading back to the bottom. Still short biased on this one, at least until the channel is decisively out of play, which should be apparent within the next couple days.
One difference between this run to the top of the channel, and the last one, though, is earnings drove this climb up, where as earnings came at the top last time and instigated the drop down.
But I've been following this stock most of the last year, and this channel has worked extremely well, and it's still within the channel. Not to mention the similarities between this run to the top of the channel, and the last time it topped the channel.
I will be waiting till the channel is no longer working before considering buying, and if I see an evening star develop tomorrow I might even go ahead and short.
Note how last time it gave a false break out of the channel before heading back to the bottom. Still short biased on this one, at least until the channel is decisively out of play, which should be apparent within the next couple days.
One difference between this run to the top of the channel, and the last one, though, is earnings drove this climb up, where as earnings came at the top last time and instigated the drop down.