This is close to my heart having spent half a lifetime just on this subject. However I never got to read the entire bible on technical analysis, BUT, if there ever was a H & S (Head and Shoulder) pattern staring you in the face , this is it, To some people this is just some sort of shampoo but if this is going where I think it might it will clean a lot more than just your hair.
First recommended on May 5th when the stock was trading slightly under $5. If you still own it I would sell. either for a trade or permanently depending on what it does next. The chart displays 4 or more reasons to do so now or very soon.
This stock has performed exceptionally well the last year or so. However with Steve Job time on the job a little more precarious perhaps it is soon time to exit.
The stock appears to have had a thrust out of a triangle, is approaching a channel line and may have completed a 5 wave pattern over the past 5/10 years. The high to date was 213 and as the last little bit does not appear complete the stock could still climb to about 225/230. Not very material relative to the upmove.
Last year the target for CM was slightly above where we are now, say around $78 or so. This is where a 5th wave diagonal started its trip down and that is a normal retracement level . Also it is in the 50 to 60% normal rebound level. We have done this so I would be a seller, especially since the much better run Royal has already almost retraced its entire drop.
The successful long CM short RY trades simple may not work anymore.