Bought Canadian Pacific (CP.TO or CP:US)
The stock has been receiving many pushes to the upside on above average volume. The $64 has proven to be rock solid support, tested in late and mid April. I now see multiple attempts to break above the 50sma (Feb-Mar at $74) and most recently reaching the $72. My game plan: capitalize on a break of the current flag, watch how it holds after the breakout and possibly sell it at $76. My stop is tight at $67.50 (only because the market is reaching short-term overbought levels).
Weekly Chart
How about volume clues? The CandleVolume chart below shows some heavy weights (funds) participation. Note how the up bars are always thicker than the down bars… the push on the 25th was very significant.
Good luck to you.
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