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CHART ANALYSIS


GATX Corporation (GMT) Has Bottomed

04/16/03 11:49:13 AM
by Andrew Hetherington

GMT's near-perfect triangle formation breaks out to the upside.

Security:   GMT
Position:   N/A

Graphic provided by: SuperCharts.
 
On the daily chart of Gatx Corporation (GMT) a 1-month ascending triangle has formed with perfect volume. The breakout happened on April 15, 2003 in the $15.50 area. This breakout occurred on heavy volume, which is a signal of accumulation and strength. Although this is not a big reversal pattern, you must consider all the factors (see my previous article, Gatx Corporation, Traders.com Advantage, August of 2002).

The big volumes at the bottom in the $14.00 area signal the accumulation as well. GMT achieved the downward move I anticipated in August and now a small bullish pattern has formed. There appears to be plenty of interest in this area and if you are patient, this slow moving turtle will be profitable.

An upward move towards the resistance area, which was the support, is now a likely place to unload your long position. A buy point in the $15.50 to $16.00 area is a safe bet with an eye on the general trend and the top line of the triangle in the $15.50 area as your stop protection.



Andrew Hetherington

Classic Dow Theorist who trades as a pure technician, using pattern recognition.

Toronto, Canada

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