By: Zev Spiro
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 percent 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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*DISCLOSURE: No relevant position-subject to change
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