Tuesday, September 14, 2010

Late Night Charting

Markets finished nearly UNCH today but did manage did close in the upper half of the trading range. A bullish sign. Lets look at some energy names tonight. If APA can bust thru its 200 day MA near 98.50 could bode very well for the stock. It would be the 4th time challenging that important MA. XEC can resume its recent uptrend if it can break thru its 50 day MA. Put in a buy stop above 71. WLT looks like it can see par again if it can get thru 80 and resume its right side base building. NBL continues to look great as it finishes building its right side. Look for a handle to form wedging slightly lower on weak volume. If not the buy stop should be put in at 81.60.

Stocks building the right sides of bases and worth inclusion on watchlists include: JNPR DRI TRMB CAKE. Stocks that can be bought as they retreat to their 50 day MA are RADS @15 and SUN @35. APD has a 80.34 buy stop pt in a double bottom formation. QLIK CTXS remain very strong. Look for AMP to form a handle in the next few days. And do not forget to put in a sell stop to short WFMI below 34.75.

We were stopped out on NUE for a small loss in its frantic trading today.

Good luck.

The author owns positions in FCX, AMT, NZ, AKAM, STRI. Short of BCE

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