Stock Chart WIRE

Posted by downtowntrader | 7/17/2008 10:03:00 PM | 2 comments »

Stock Chart Analysis WIRE

Encore Wire Corporation (Public, NASDAQ:WIRE)

I highlighted a possible cup and handle in AAPL yesterday and mentioned how I've been seeing similar patterns in the markets recently. WIRE is another stock I've been watching that is forming a possible cup and handle. This chart has a lot of things going for it besides the cup and handle label. It had a nice gap higher on strong volume in the right side of the base. The gap, combined with the 200 day sma, has been holding as support during the pullback as well. Volume has also contracted with the pullback which is healthy. It may come back at test the lower end of this trading range before attempting a breakout, but WIRE is definitely worth keeping an eye on.



Good Trading,


Joey

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2 comments

  1. lweb // 12:49 AM  
    This comment has been removed by a blog administrator.
  2. downtowntrader // 7:35 AM  

    ken,
    I prefer to discuss any business matters via email. Can you email me directly at downtowntrader@gmail.com.
    Thanks,

    Joey