The cable industry has been in turmoil for a couple of months amid a chorus of analysts chanting their 'content-is-king' mantra more and more cable cutters and the migration to mobile and internet devices for viewing.
But instead of falling, stock prices have been rising. Cablevision Systems (NYSE:CVC), which was also ready to move was acquired at a hefty premium to its share price by Altice. And Charter Communications (NASDAQ:CHTR) looks like it may be the next to pop.
The chart above shows the price action in the stock since last October. It has been moving higher against rising support. With the August pullback, it touched support again and then jumped back higher. Now the price is closing in on the top of a triangle pattern and heading up.
The RSI is bullish and rising with the MACD going higher, too. The Bollinger Bands® opening make for a trifecta of support for more upside. A break of the triangle targets a move to 240. Don’t blame me if this gets taken out before you gets a chance to see it trigger.