Re: [CANSLIM] TSCO

From: Marc Deiter <dites@yahoo.com>
Subject: Re: [CANSLIM] TSCO
Date: Mon, 12 May 2003 12:17:56 -0700 (PDT)

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Charley,
I've been watching TSCO also and agree with your assessment of the
pivot.  In fact there are several places in the right side of the
cup, and the handle, where the price action moved sideways or
somewhat down while volume dried up.  Today's action is encouraging -
big move up on higher volume.

My opinion is that it broke out as you mentioned.  Then it moved back
towards it's pivot as WON states that 40% of stocks do (42.75 intra
day low on 5/8) after the breakout.  So perhaps a continuation of the
5/2 breakout.

TSCO has been appearing on various IBD screens for a long time.

Marc

- --- Chazmoore@aol.com wrote:
> It looks like this stock completed a cup with the right side of the
> cup 
> (pivot) on April 16 at $43.45, then formed a handle and broke out
> on May 2, 
> moving up to $45.95.
> 
> Since then the price has fallen back into the buying range. What is
> 
> interesting is that volume seems to be drying up? My question is,
> "Is this an 
> indication that the formation is busted, or could another breakout
> be 
> developing?"
> 
> Charley
> 

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