Atlas Corporation (ATCO)
JC here after a beautiful holiday weekend.
I hope everyone’s Labor Day was as great as mine!
Speaking of great, today’s Chart of the Week is pretty spectacular, too!
This week we’re looking at Atlas Corporation (ATCO).
You don’t need to be a world class market analyst to see what a perfect base this is.
It’s been one big consolidation since the start of the year when the company went public.
Now it’s ready to breakout.
We are below overhead supply right now, but a breakout looks imminent.
What’s the best way to identify that?
Notice how we keep testing this $9 level faster and faster?
That’s a sign of buyers getting less and less patient, which is a pretty typical sign that we see prior to a breakout.
When will we know for sure?
When it’s above $9.
As soon as it breaks that $9 level, we are long, with our first target price target set at $11.
After we hit that first target, we anticipate ATCO going to $14.50.
So to recap, we are long above $9 with our target at $11.
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