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Friday, March 9, 2012

CHL

CHL was another high volume gap up out, this one out of a pretty nice looking pattern (the gaps are due to the fact it is an ADR and trades on the Chinese market overnight). The only problem here is the price relative line, which was dropping as this was in the left side of the base, and was flat on the right side. That is the problem with buying breakouts ion the late stages of a rally: you never know if these are going to keep going up, or if they are going to reverse when the market goes into a correction.

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