Tuesday, December 05, 2006

CP Analysis 12.05.06

Superstockpicker.com made a buy recommendation on CP today. The monthly chart shows the stock to have been in a trading range since May 2006. The stock made a double top, but no strong selling resulted. November showed equilibrium between buyers and sellers, with little to no gain in price.

Weekly chart showed some profit taking. Looks like a bull flag formation here.

Buyers came out in force today; making a gap open and closing near the highs for the day. Support is currently at the 34ema. Possible wave 4 here; a higher higher would make wave 5.

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