A stock that deserves to be on any watch list is China Mobile (CHL) which has over the last seven months been forming a nice cup with handle pattern. For the bulls CHL stock looks as if it is ready to break out and make another run to new all time highs.
Being the largest wireless provider in China, China Mobile boasts a market capitalization of nearly $350 billion. The stock peaked on October 29th, 2007 at $104.00 and over the next five months fell in price hitting a bottom of $65.01 on March 17th, 2008.
The recent consolidation suggests CHL is a buy when the stock breaks out of its latest base. The magic number to look for is $90.12, which is 10 cents above the $90.02 high set on 4/24.