Last up is Chinese phone carrier giant China Mobile (CHL). This phone stock had been forming an inverse head and shoulders setup, the bullish opposite of the pattern in Berkshire Hathaway. We actually looked at this name a week ago, when shares had just broken out above their own neckline to trigger a buy. If you haven't already, now's the time to sell.
CHL showed traders a textbook breakout in the last week, filling the space between the neckline at $54 and previous resistance at $57.50 -- that resistance level got set back in January, when CHL previously got swatted down by profit taking. Yesterday's big bounce off of resistance is a good indicator that sellers are still holding strong at that level, so short-term traders should take their gains here...
To see this week's trades in action, check out this week's Must-See Charts portfolio on Stockpickr.-- Written by Jonas Elmerraji in Baltimore.
Twitter and become a fan on Facebook. At the time of publication, author was long AAPL. Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation. Follow Jonas on Twitter @JonasElmerraji
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