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It seems like CTRX - formerly SXCI had a substantial reset back in the fall of 2011. Then the powerful move up from those lows has been consolidating for about four months. The July 12,undercut seems to have found some strong support.
Interesting that the name change really has thrown this off of my radar. Normally I'd have picked up on the volume last week in a name I am familiar with. I think the heavies didn't like everyone combing over this with a microscope.
If you are an IBD subscriber you can read up on how to scale the plus 3 part. education.investors.com/.../shakeout-plus-3-offers-twist-on-double-bottom.htm
Thanks, I enjoyed the article.
Very interesting article. But now you leave me with more questions... Would you consider CTRX to be in a doubble bottom since the middle high is above the left side of the base? Would that not make it's current state to be in a second, base on base consolidation? And if that is the case, maybe it doesn't matter in a shakeout +3 since the principle of shaking out weak investors is still in play and the alternative buy point is still valid (and even more advantageous in this case).
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