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Wednesday, February 5, 2014

COG 2/5

I featured COG on 1/31 as a stock that looked like it was ready for an upside break out.  Here is the daily chart.


COG did in fact break out yesterday on good, but not great volume.  However, it reversed course today.  That is a very poor response to a stock with a nice looking chart.  The break out hasn't quite failed yet, but sure is on the edge.  Failed cup and handle break outs usually lead to a sizable move down.  A close below yesterday's low is likely to send this stock down to at least the 50 SMA.  It may even mean this is making a very important top.

Bob

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