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Registered User
Joined: 12/2/2004
Posts: 1,775
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About as pretty looking on the chart as they come (at least as I type this), especially if volume ramps up even more. But these pretty looking charts can sure surprise painfully sometimes. Oh well, what the hell, my method tells me to go long now with modest initial size.
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Registered User
Joined: 12/31/2004
Posts: 57
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good call, were you looking at moneystream when you determined a breakout, because volume wasn't way up there. Thanks
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Registered User
Joined: 12/2/2004
Posts: 1,775
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Hi Mike. I'll wait and see what it does in days ahead before I'll call it good:) No, was not looking at money stream at all, even though it's an indicator I use on occasion in lower pane. Volume was excellent imo; sure, could have been better, but "green volume" today is in top ten days for CIB last two years, so I'll take it. What I saw in CIB as I flipped through charts during a mid-day scan popped out at me instantly. The big grabber for my attention was the price breaking out of the resistance (denoted with red line) of the well defined four week base/congestion, with icing on the cake being the nice volume. This same stock had previously caught my eye on the price/volume surge last trading day of Oct.. I could kick myself for not taking the postion at that time...don't know why I didn't unless I had fog on the brain that day (or could have thought Aug. high would be formidable resistance). Anyway, today looks like maybe a very similar pattern repeating itself and I couldn't resist this time. Back to what constitutes a breakout: I call it a breakout for myself, others may say a price needs to gap up with a higher percentage and maybe even more volume. CIB has had quite a run the last three years, but today's price set a new all-time high, and I don't think it's extended too much because the mass of volume has occured in the last 5 or 6 months with price averaging maybe 22/23, i.e. I think plenty of earlier buyers will want to hold close to 31-32 before significant selling. Why 31-32? I looked at the last wave of price movement (22 to 27) and guesstimate next wave might be similar, so 27 to 32. Sorry to be long winded but I enjoy getting into detail and the give and take of others on this board. Good night.
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Registered User
Joined: 5/16/2005
Posts: 4
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Hi
I am kind of new, 1 yr, and I do not write much, but I can not let this go by. I been watching this for this particular jump too, this is also one of the IBD 100 picks, awsome thecnical analysis..
Rei
Happy holidays
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Registered User
Joined: 12/9/2005
Posts: 2
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Nice continuation of the move today one day after the breakout.
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Registered User
Joined: 3/14/2005
Posts: 20
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I also found CIB on the same day and bought 50 shares (don't have a lot of capital to play with right now, but I wanted to get in on the position).
Oddly enough, I agree completely with you conclusion about a potential price target around 32-33, since that's where a lot of the other movements went to before correcting. I actually came to the same conclusion before I read this post.
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