After trading in a long term basing pattern since 2009,
it appears as if CPLP may be pushing through long term
overhead. Consider the up channel as a guide for the
coming future as long as the bulls can maintain control.
Breaking below the current long term up channel could
signal a sign of weakness, but that may not develop until
the highs around $11 to $12 are tested. This market can
sell of very quickly which leads you to jump quickly if
the stock is not cooperating. Currently a push back to
around $9 would give a good opportunity to test the long
side with risk limited to about $1 while upside potential
is a minimum of $3. Stop losses place below $8 will
allow price the breathing room necessary to stay above
the most recent basing point.
it appears as if CPLP may be pushing through long term
overhead. Consider the up channel as a guide for the
coming future as long as the bulls can maintain control.
Breaking below the current long term up channel could
signal a sign of weakness, but that may not develop until
the highs around $11 to $12 are tested. This market can
sell of very quickly which leads you to jump quickly if
the stock is not cooperating. Currently a push back to
around $9 would give a good opportunity to test the long
side with risk limited to about $1 while upside potential
is a minimum of $3. Stop losses place below $8 will
allow price the breathing room necessary to stay above
the most recent basing point.