CNC continues its bull trend after stock split
CNC has been on my watchlist for a few months - particularly since the gap up on 12th December 2014 when I last posted an analysis on this stock.
At that time I didn't feel it was a longer-term opportunity as price had experienced a couple of deep pullback which, although acceptable, were indicative of a fairly non-linear trend. The uptrend had begun only about six weeks before this and had not become established enough to trade. I was also waiting for a retest of what was then the $100 figure (now $50 due to the stock split).
Price did retest $100 (now $50), moved a little sideways (within a narrow range - hence keeping the trend intact) and has since printed multiple bull flags. However, with the stock split announced in early February it was preferable to stand aside to see what the outcome would be.
By waiting to enter we can see a really good trend has developed. With no price resistance ahead and a breakout bar yesterday (although higher volume would've been preferable) this is a good buy opportunity.
At that time I didn't feel it was a longer-term opportunity as price had experienced a couple of deep pullback which, although acceptable, were indicative of a fairly non-linear trend. The uptrend had begun only about six weeks before this and had not become established enough to trade. I was also waiting for a retest of what was then the $100 figure (now $50 due to the stock split).
Price did retest $100 (now $50), moved a little sideways (within a narrow range - hence keeping the trend intact) and has since printed multiple bull flags. However, with the stock split announced in early February it was preferable to stand aside to see what the outcome would be.
By waiting to enter we can see a really good trend has developed. With no price resistance ahead and a breakout bar yesterday (although higher volume would've been preferable) this is a good buy opportunity.
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