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Cache Logistics Trust: Reverse head and shoulders.

Wednesday, April 27, 2011

I am rather excited by the price action of Cache Logistics Trust today. Price formed a wickless white candle as it closed at 96c, the neckline of the potential reverse head and shoulders pattern I mentioned in earlier blog posts. It remains to be seen if this resistance could be overcome. 96c is also where we find the 200dEMA.


If resistance at 96c were taken out, using Fibo lines, I see more significant resistance provided by the golden ratios at 98c (138.2%), 98.5c (150%) and 99c (161.8%). I initiated a long position in this trust at its lowest not long ago and added to my position shortly after. So, if the resistance levels identified should be tested, I would not be averse to some profit taking. Locking in some nice gains? Sure, why not?

Related post:
Cache Logistics Trust: 1Q FY2011 results.

2 comments:

la papillion said...

Hi AK,

There's quite a few things I liked about the chart:

1) there's a bullish wedge formed, complete with declining vol. The breakout of the neckline at 0.955 with relatively high vol is a good sign. Based on the tp of this kind of wedge, can be seeing price of 0.995.

2) the weekly chart is very nice. Since it's a weekly chart, it'll take some weeks/months to play out. Tp is also 0.955/1.00. Let's see it clear 0.98 first.

This is looking good.

AK71 said...

Hi LP,

If you say it is looking good, it must be so. ;)

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