Head and Shoulders in CECO
Posted on April 14, 2009 by Adam
I’ve been finding a ton of bullish setups lately. Personally, I’m considering CMO, DRI, and PNRA. Bearish setups have been hard to find.
My favorite bearish setup is in CECO, an education stock that had a big runup since November of last year. Over the last few months, CECO has ceased its upward trend and has began to form what looks to be a head and shoulders at a significant support level.
Yesterday it broke out and today it appears to be retesting the neckline. I just bought some puts. Check it out!
CECO broke down beneath the neckline of its head and shoulders pattern. Today
Be on the lookout for an extended pullback.
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