The cup appears more parabolic, but even so, it's trending upward without the cup & handle to possibly re-test $19. Note decline in volume during the handle formation.
Retest gap today. Decent volume. Looking to play the retest. This stock seems to have really strong and tight support/resistance lines so I'll be looking to switch to a trailing stop if we reach our 2R target up until 19.28 where I'll exit the rest of the position.
Nice cups!! -wink- wink- But yes, failed breach even on takeover rumors from Elliot. Hoped you picked up some cheap puts on this morning's gap up.
If we get a nice Santa Clause melt-up, followed by a sell off in January, expect people to flock to utilities. The first bill everybody pays is their electricity bill. If we start to get the handle formation, I'm betting the house as soon as we gap up.
Short bounce opportunity in oversold oil. Be careful here. I will be buying oversold energy stocks from here to the bottom. Starting first with NRG.