Sunday, September 19, 2010

Chart of the Day

Today's Chart of the Day is CNQR. Been consolidating nicely on lower volume the last four trading sessions above an important trendline. The volume pattern during the last two weeks looks really nice.

However, things get really interesting only when one has a look at the weekly chart. The stock managed to break through important resistance levels from 2008 last week. The weekly chart not only tells us the importance of the current price levels of the stock but also helps us determine where to put the stop points.

In case you missed it, here are the links to some other setups I like for next week - Part 1 and Part 2. And how about taking part in the poll to your right. It seems like everybody is bullish heading into next week!

Take care and good luck!

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