CPN : Accumulate from 25 to 26 or so.
February 15, 2011 Leave a comment
CPN has been toying with a revisit to its 200 day EMA since last week, with today’s bounce to VST trend resistance at 26.75 not a surprise. The counter has resistance to 28, and a weekly close at or above this level will be the signal for another advance at the twin peaks on the chart at 32.50. However, if 26.75 stands from this week, the 200 day EMA at 25.33 might just be hit, and should see fresh buyers emerge at and near this level. Let’s say from 25 to 25 it might just be worth to start accumulating again.