by John Lansing | October 22, 2010 12:24 pm
Today’s chart of the day is CARBO Ceramics Inc. (NYSE: CRR). The stock broke out to new all-time highs yesterday, and closed above a triple-top ascending triangle. The breakout occurred on expanding volume, which is key to this chart pattern.
The company is scheduled to report earnings on Thursday before the market opens, but with the indictors and oscillators all pointing parabolic up, short-term traders may want to enter a bullish play prior to the company’s announcement.
Currently trading just below $85, our target is $90-$94.50 before earnings, with the potential for the stock to go to $100 after earnings if the CRR delivers a strong report.
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