MichaelGLamothe

WAL nearing breakout from 1st stage cup w/ high handle

NYSE:WAL   WESTERN ALLIANCE BANCORP
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This chart pattern can be seen in a few different ways, all of which are bullish . I see this as a potential inverted head and shoulders , a "VCP" ( volatility contraction pattern), and a cup with high handle. For now the cup w/ high handle gives an advanced entry point right at 37.56 This can be played vs the 50dma which it has held since early August.

I like that the RS line has been consistently strengthening vs the S&P 500 . This shows that WAL is a potential emerging leader. I also like that volume has recently been building to the upside over the past month
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