CNC gaps up with bull flag above $100
CNC gapped up on Friday, despite the overall bearish move on the US Indices. This was a quite significant move as there are a number of reasons to support a continuation of the uptrend - in the near-term at least.
Firstly, price gapped up above 3rd December high of $101.83 and the $100 figure. Second, this also confirmed a bull flag formation or, if you prefer, there was a reasonably even double bottom pattern. Finally, there was higher volume on the breakout bar.
Overall CNC is in a bull trend. There have been a couple of pullbacks which have been on the deep side since the weekly uptrend began in May but I would not look to take a longer-term position right now anyway (until $100 has been retested). Near-term, however, the signals are good for a continued move up so a small profit could be made here.
Firstly, price gapped up above 3rd December high of $101.83 and the $100 figure. Second, this also confirmed a bull flag formation or, if you prefer, there was a reasonably even double bottom pattern. Finally, there was higher volume on the breakout bar.
Overall CNC is in a bull trend. There have been a couple of pullbacks which have been on the deep side since the weekly uptrend began in May but I would not look to take a longer-term position right now anyway (until $100 has been retested). Near-term, however, the signals are good for a continued move up so a small profit could be made here.
Web: dt.live
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.