CanBanc Income Corp CKNBF

TA Anyone?

[shihdehwei]

I don't know if any of you follow technicals here, but i bought in today based on a few things that seem to make it seem the real deal and not just another fakeout. -The upper bollinger band was pierced indicating an upward change in the trading range -it closed at a several month high with volume several times above average volume -the previous two spikes in mid april and early may also occurred on very large volume -the stock crossed the 50 EMA in april and retested before moving up. -the stock has crossed the 13 EMA and it is now acting as support for most of may -the stock crossed the 200 EMA on volume much higher than average -the stock completed a pennant pattern (very bullish)which was broken to the upside yesterday with a bullish engulfing (candlestick) buy signal. It does seem a bit overbought now, but stocks can stay overbought for awhile (and oversold for that matter, which i'm sure we've all experienced in the bear market). Over all increasing volume on upward pressure then dropping on lower volume while digesting those price gains (even in small increments) signifies accumulation by someone. There are a few other indicators, but I believe i have presented a decent case techinicals wise. All that being said, if this rally runs out of steam and goes to crap for the summer snoozers, hard to believe CIC won't be dumped with them. That's why you put stops in, altho mine is a little more liberal than normal due to the small float.If good news arrives, who knows could be off to the races....Good luck to all