Stock Chart Analysis CHAP

Posted by downtowntrader | 6/03/2007 10:22:00 PM | 2 comments »

Stock Chart Analysis CHAP

Chaparral Steel Company (Public, NASDAQ:CHAP)

CHAP was on a tear from March through May, and has since been consolidating. This consolidation looks extremely bullish, taking the form of a tight ascending triangle. It may come down one more time to test the lower boundaries of the base, but it might just break out here, especially if the general markets squeeze higher this week. I'll be watching this one closely.


Good Trading,

Joey

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2 comments

  1. Woodshedder // 12:36 AM  

    Way to go on that GES trade! I missed it!

  2. downtowntrader // 9:05 AM  

    Thanks Woodshedder. I sold it on yesterdays gap since it was reporting earnings todays. I hate to hold most stocks over earnings, so I took the upgrade as a gift. Sorry you missed it, but you've had some nice ones recently as well. PFWD printed a nice candle yesterday too (I missed that one). Good Luck,

    Joey