Let’s Play Two
Intermediate-term traders are well versed in the cup-and-handle pattern. What
many swing and short-term traders do not realize, however, is that the pattern
can take place on a shorter time frame and also be successful.
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13:46:35
Vimpel Communications (VIP)
is breaking out of a running cup and handle. VIP is up 1.90 at 29.35 and has
a
3-month relative strength ranking of 93 with an uptrending ADX of 42 from
TradingMarkets.com.
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Swing and short-term players would be wise to put VIP on the
watch list, to track for continuation entries or a pullback following this jab
higher. In addition to the cup and handle, today’s move violates a triple top.
When you can stack patterns together like this, the odds of success become even
better.
Have a great weekend,
Duke