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| SAN May 8 2013 |
SAN is forming a "W" pattern. This is a bullish formation. It is not a classic "W" because the middle is higher than the left side, and one could also argue it is forming a giant head and shoulders - but it is acting more like a "W" pattern, particularly given it is coming off a major decline. In any event, we look for a move higher to the height of the left side. There, we see if resistance develops and watch how it fares. If it fails, you stop out with nice profits, if it surges past, you are working off of a huge Bullish base with potential huge returns. And as you wait, it pays a nice dividend. As one of the largest banks in the world, it will be around a lot longer than we will.
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