Thursday, August 13, 2009
CHKP Breaks Out
CHKP broke today from a multiyear base. It is not often that we see clean rectangle bases of this length. Personally, I will be looking to enter on a pullback to 28.00 with an initial target of 38. The next targets would be the fib retracement levels to the 2000 high. However, I expect it will take some time, perhaps a year to reach the 61.8% RT level, but given the length of the base it is likely to be hit.
Posted by R. Craig Pritchard at 9:47 PM