Stock Chart Analysis CHL

Posted by downtowntrader | 1/10/2008 09:14:00 PM | 2 comments »

Stock Chart Analysis CHL

China Mobile Ltd. (ADR) (Public, NYSE:CHL)

CHL has been on a heck of an uptrend over the past few years. Recently it doubled from June through November before settling into a consolidation period. It has been trading in a symmetrical triangle over the past two and a half months and could be ready to break to the upside as soon as tomorrow. Usually these types of patterns are continuation patterns that breakout before the reach the apex of the triangle. Since CHL is getting close to the apex, it reclaimed the 20 sma, and has a bullish divergence on the MACD, I think the odds greatly favor the upside breakout.


Good Trading,


Joey

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2 comments

  1. Luis // 9:12 AM  

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  2. Anonymous // 12:01 PM  

    Just spotted the same this morning and the lower open, I think, just completes the lower triangle, so I bought some and I agree with you. What's your take on MEE, just completed a huge scallop on a bullish momentum?