What do these three have in common? The Dolan’s. The Dolan family has been the bane of many NYC area television watchers for some time. They own the NY Rangers. They also have a connection to my new hometown, Cleveland. Larry Dolan, the owner of the Cleveland Indians and native of Cleveland Heights, is the uncle of James Dolan, the Cablevision Systems (NYSE:CVC) CEO and Rangers owner. Small world huh?
So I'm a bit mixed on the Dolans. Love the Indians but remember my time in the NYC area and abhor Cablevision. Time to throw my opinions out the window and just look at facts. And one of the most important facts is that Cablevision's stock price is looking ready to launch higher.
The chart shows the stock price moving higher out of a symmetrical triangle in April. The target on that break was a move to 24. It exceed that before pulling back to 24 as support and then stepping back higher. The broad-market selloff took it lower, to the 200-day SMA and the top of the gap from May 20 where it held. Since then it has made a ‘V’ recovery back to the prior high and now a smaller ‘V’ along side a higher low.
With the RSI in the bullish zone and the MACD rising, there is support for continued upside. The expanding Bollinger Bands® agree as well. Looking at the move off of the ‘V’ bottom creates a Measured Move to 34.25 on making a new high. So the correct answer is Cablevision.