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This “Cliff” is flying high, despite the fiscal cliff!

By Chart School
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Courtesy of Chris Kimble.

This chart below was sent to Premium members on 12/12, reflecting a key pattern opportunity looked to be at hand and then was posted on the blog as a quiz (see quiz post here)

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This asset looked to be an opportunity because it was…. on support, at the bottom of a falling channel and was creating a bullish falling wedge at (1) in the chart above. The chart below is an updated answer to the quiz.

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Cliff Natural Resources (CLF) is pushing higher off of resistance and the bullish falling wedge after its 70% decline in 5 months, gaining over 10% in three weeks. This “Cliff” is acting positive around the fiscal cliff!

 

 

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