Stock Chart Analysis CBSS

Posted by downtowntrader | 8/06/2007 09:20:00 PM | 0 comments »

Stock Chart Analysis CBSS

Compass Bancshares, Inc. (Public, NASDAQ:CBSS)

CBSS is not what I would call a clean looking chart, but it is simple enough to read. CBSS had a breakaway move in late February and has basically been consolidating that move for 6 months. It attempted to break out in July only to get held back by the extreme weakness in the recent markets. It is clear to me that the $68-$69 area is being rejected by bulls and that CBSS could be on the verge of a breakout. The nice thing about this chart is that the area where I would get out if something went wrong is very clear (low 68's).

Good Trading,


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