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Anticipated breakout to Stage 2 from Major Support


Trading Strategy: Anticipated breakout to Stage 2 from Major Support (MS). CIN has been trying to bottom for a month and, in the process, has built a base of MS. There is also some interesting bar-by-bar analysis that suggests that a bullish move might be at hand. On Aug. 22nd, at the most bearish time of the day, it was a very bearish 10/10 bar; however, it did not take out a prior low, and closed well off the low, leaving a Bottoming Tail (BT). Then 3 days later, it gapped down, creating a minor bearish mortgage play, but had no downside follow through and closed very bullish with a wide range body. The gap down also was a higher low than the mentioned BT candle. Then, CIN consolidated for two additional days in the upper part of the week's range, above its 20MA. These are all signs that buyers are stepping up to support the stock at these levels. Additionally, although not shown, the weekly chart is also on MS, threatening a similar break to Stage 2. There is little supply to halt a move out.



chart courtesy of Mastertrader.com

Tip: Simultaneous breaks to Stage 2 out of bases on both the daily and weekly chart have higher odds of follow through.

The Play: Buy above previous day's high ($34.32) with a protective stop under previous day's low.

Objective: A move of $1.25 to $1.75. LOW TO MEDIUM RISK

Play Review:

CIN traded well, and reached a high gain of $1.27 yesterday, meeting the minimum target. Trail stop to prior day's low.




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