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Corrections Corporation of America Message Board

  • GenJackripper GenJackripper Mar 18, 2005 11:17 AM Flag

    CXW's takin' a turn for the better.

    T/A-wise, that is.

    The General isn't prepared to say, just yet, what its near-term intentions are, whether it's heading for new highs (forming a c-w-h consolidation formation) or, perhaps, just a sideways trading range for awhile. Time (and Mr. Market) will, as always, reveal all.

    It opened today's session with a 22� gap-up, which is a 'technical' positive, and is in the process now of closing that price discontinuity. Last the General saw (before composing this message), it had 15� left to close.

    While he has only given its 3-months chart a visual scanning (not a calc'ing), it would appear that, in its recent "soft" period, CXW created a series of 5 increasingly sloped (cascading) downtrend lines.

    With today's pricing action, it has now violated the 2nd DTL in seniority (DTL2), leaving just DTL1 still 'alive'.

    He'll try to calc where that one stands, vis-a-vis a rising CXW and report back (hopefully before the weekend is over).

    Longs should be able to breathe a bit easier.

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CXW
41.09+0.48(+1.18%)Mar 27 4:02 PMEDT