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Conn. Banking Stock Forms Double Bottom.(B)(NASDAQ STOCKS IN THE NEWS)
Byline: Craig Shaw
Regional bank stocks sport some of the best-looking charts of this nascent rally. While other stocks climb sharply from V-shaped bottoms, some banks have formed smoother cup or double-bottom bases.
Connecticut Bancshares is climbing the right side of a 10-week double bottom. The technical action in the base has been strong, with the middle peak of the W slightly below the left, and the second leg down undercutting the first.
The stock suffered an ugly, 11% intraday plunge at the bottom of its second leg down, but reversed to close near the top of its daily range, above its ...
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