This Airline Taking Off?
A simple pattern like a triangle can many times be the precursor to a great
trade. When you get the pattern in tandem with a strengthening sector and a
subsequent breakout, the results can pay off handsomely.
13:52:46
Continental Airlines (CAL)
is moving higher out of a triangle pattern. CAL is up 1.49 to 30.09 and
holds a
3-month relative strength rank of 93 from TradingMarkets.com.
When this action takes place, if you are not playing the
breakout, this is a good opportunity to look for continuation.
Moves out of patterns that close well are signals of momentum,
and often will spill over into at least the next day. Keep this in mind if you
are stalking daytrading candidates, as well as stocks to swing trade. A pullback
or consolidation following a breakout can often be a profitable play.
Until tomorrow,