Freeport McMoran (FCX) Holding Key Support

By | June 4, 2014

Shares of Freeport McMoran Copper and Gold (FCX) have been holding in an area of support that includes the 50% retracement level of the 2013 high and 2014 low, a four month horizontal resistance-turned-support line, and the 50 and 200 day moving averages. They touched the 62% retracement level in today’s session, and a strong… Read More »

$FOE Could Be a Friend

By | June 3, 2014

The specialty chemical company Ferro corporation (FOE) has been trading above the $12.00 level for the last six months. It is breaking above a downtrend line and its 50 day moving average, taking the RSI and the MacD above their centerlines. It may be that it trades in a range, below $13.25 resistance and the… Read More »

Facebook – Range Squeeze

By | June 3, 2014

Shares of Facebook (FB) have been trading in a horizontal channel for two months. Last month they also held above a long-term rising support line that intersected with the channel. The interior consolidation zone defined by channel resistance and the uptrend line includes the 50 day moving average, and it is contracting and squeezing the… Read More »

Respect the HYG Engulfing Candle

By | June 3, 2014

A large engulfing candle formed yesterday on the iShares High Yield Corporate Bond Fund (HYG) daily chart. Its range encompasses the previous week’s trading range, and the candle is a bearish reversal indication. The RSI is breaking down from an overbought condition, and the Money Flow Index, a volume-weighted measure of relative strength, is crossing… Read More »

Breakout Stocks (Part Two)

By | June 2, 2014

Here’s a few more potential breakout trades. Embraer Aircraft (ERJ) broke strongly above its 50 day moving average late last month and now is breaking out of a large symmetrical triangle pattern. Jarden (JAH) is being squeezed between resistance at $58.00 and a rising 200 day moving average. Abercrombie and Fitch (ANF) is trading around… Read More »

Three Breakout Stocks

By | June 2, 2014

Waste Connection (WCN) broke above the neckline of an inverse head and shoulders pattern at the end of April, and then began trading in a horizontal channel. Last week it broke above channel resistance and today is seeing follow-through price action. Wyndham Worldwide (WYN) is breaking out a well defined symmetrical triangle on good volume… Read More »