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Cup & Handle - Foster Wheeler Ltd.
By: Wall Street Warrior   Tuesday, September 30, 2008 7:38 PM
Sectors: Computer and Technology , Construction , Industrial Products , Medical
Symbols: FWLT, JOYG, QCOM, SMA, VIR
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FWLT formed a C&H base & break pattern at yesterday's pre-vote support. Former support = resistance until price breaks out. I extended my Fibs from the ORL to the base and my target was a measured of 100%. The base formed over several hours and once it broke out, it printed five successive green bars, hitting the target on the fifth bar.

JOYG was a similar setup, but the BO stalled at the down sloping 50 SMA so I took half off. After retesting the base, price extended to the target but volume was not as strong as FWLT.


QCOM was B&B, followed by a retest and a 1 pt. move into the close.

 

 
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