A significant signal occurred yesterday in Calgon Carbon Corp. (CCC) that may confirm shortly. The signal was a breakout above the upper boundary line of a macro symmetrical triangle pattern. If confirmed, a price objective of $27.50, approximately 65 per cent from current price levels, may be obtained by measuring the distance of the pattern.
Chart 1: The daily chart below outlines the macro pattern.
Chart 2: Yesterday’s breakout above the upper boundary line still requires confirmation. A throw back to the upper boundary line would present a low risk entry opportunity. If support is retested and holds, confidence for the overall structure will be raised significantly.
Target: $27.50 is the price objective, obtained by measuring the height of the pattern and expanding higher from the trigger point, by the same distance. Protective Stops: trigger on a confirmed move back below the upper boundary line.
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Disclaimer: The information contained herein is not guaranteed. This is not a solicitation of any order to buy or sell. This material is based upon information that I consider to be reliable, but I do not guarantee its completeness or accuracy. Assumptions, opinions and recommendations contained herein are subject to change without notice, and I am not obligated to update the information contained herein. I have a position in CCC. This communication, including any attachments, is for the exclusive use of the intended recipient(s) and/or the intended recipient’s designees. Any use, retention or dissemination by a person other than the intended recipient is strictly prohibited. If you are not the intended recipient or designee, please notify the sender immediately by return e-mail and delete/destroy all copies of this communication.