Atlas Corporation (ATCO)
By Wed, Sep 9, 2020
Hey there,
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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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
