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Chart of the Day for May 20, 2013: ST
ST is a $6.5 billion technology company that engages in the development, manufacture, and sale of sensors and controls primarily in the Americas, the Asia Pacific, and Europe. ST has been consolidating in a bullish continuation pattern - cup with handle - since printing its high in late January above $35.00. ST fell back for a few months before rallying into late April and early May, once again testing that $35.00 level. After pulling back into a handle, ST exploded on Friday, easily clearing $35.00 into the close. That breakout level at $35.00 is now solid support and would represent long entry. Our closing stop would be $34.40 with an ultimate target of $39.00-$39.50, representing the measurement of the pattern.
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