I took my first trade of the day in Carbo Ceramics (CRR) at $72.27. Overall the setup looks solid and is trying to break its down-trend from last March.
There is also a very appealing cup and handle formation that has formed and confirmed over the past one-and-a-half months and breaking through notable resistance in the process at my entry price.
Assuming it breaks its downtrend, I think this has every opportunity to higher – possibly as high as $80.
And by the way – I can’t take credit for this trade, Danielle (@thetradingwife on twitter) found this gem of a setup.
Here’s the CRR chart setup.
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