Cbe

[legion3pm]

CBE coming up off what looks to be a double bottom and looks like its forming a base around $46. looking for the push and close through 47.50. what do you all think?

[Goods]

This one looks very nice to me Legion. The key is if can break the resistance point it's at right now. If it can get over the May 21st high of 47.55, it's got no real resistance until around 54. Closing over the 50ema is a nice bullish sign.
The textbook breakout would punch it through with some decent volume, then bring it back down with descending volume as it drops, to the same breakout line, only this time as support. This is where I think I'd look to buy to play it safe. Plus, I'd like to see that 50ema cross over the 200.
The reason I see not to play the breakout just yet is the last run to the higher high hasn't been as strong as the run up in July. And the resistance is very heavy at this point. Look back on the 3 yr chart, you'll see a history of resistance right where it is starting at May '06 and also it's bumping up against the top of the downtrend beginning in July '07.
Nice work