Tightening wedge, ready to give any day now. Expect sharp move lower after multiple failed upside attempts in an overall bearish trend.
Impulsive move from bottom has now formed a corrective horizontal flag. Looking to buy the bottom of the corrective structure and hold for a measured move of the flag and the lows of the corrective structure that forms the all time highs. E: 187.00 SL: 180.97 TP: 227.45 Soft stop = Daily close below 186.00 NYSE stock also has same structure and clean vol.
This graph shows the increase in the value of CP stock, especially since CEO Hunter Harrison took the reins of the company in 2012.
Ackman sold entire stake @1simpletrader $NSC $IYT
Courtesy: tradingview.com
I see this stock in an very tight squeeze in this locomotive this is at support within 7 days. Let’s see if CP can expand or get pummel.
CP has fallen from its trend line to its longer term support of about 200. As a low volatility option, this is a nice place to pick it up
Long term trend resistance and Fib Resistance channel lead me to believe that CP Rail is about to take a dive. A healthy retracement is required for long term growth to continue. Comment your thoughts! Happy trading