Today’s scan highlights International Business Machines (IBM), Life Partners Holdings (LPHI) and Nordic American Tankers Shipping (NAT). IBM recently broke out of a horizontal channel, an extremely bullish chart pattern. With 35% of the float held short, LPHI is likely experiencing a short covering rally. NAT has been in a declining trading range for some time now. Watch this stock as it nears the apex of its triangle and tests $26.25 support.
Today’s scan examines Netflix (NFLX) and Boeing (BA). Netflix has rallied on the heals of an announcement that Blockbuster (BLOKA.PK) will file chapter 11 bankruptcy. The chart also displays a rising wedge pattern nearing its apex. Boeing displays a descending triangle pattern which usually carries a bearish bias. Each stock should enter a period of increased volatility.
Today’s chart scan highlights Apple (NASDAQ: AAPL) and Powershares US Dollar Double Bearish (NYSE: UDN). With so many people on the Apple bandwagon its important to consider contrarian views. While the fundamental picture for Apple is very strong, the chart at least indicates some near term resistance. The Double Bearish US Dollar Index looks strong as well with a recent inverse head & shoulders candlestick breakout with volume.
Today’s scan includes Discover Financial (DFS) and Capital Gold Corp (CGC). Although Discover has a seemingly weak fundamental picture the chart seems to tell a different story. With the formation of an inverse head & shoulders pattern, DFS looks poised for a move. Capital Gold is a small gold mining stock in a hot sector. Recent candles suggest a run at a new 52-week high.
Today’s scan produced a relatively unknown communications equipment maker named Infinera (NASDAQ: INFN). The chart displays a clear horizontal channel breakout with volume. After almost 2-years of trading in the $6-$10 range, INFN jumped higher on huge volume, recently hitting $11.31 yesterday.
Today’s scan highlights VMware (NYSE: VMW), China Natural Gas (NASDAQ: CHNG) and Under Armour (NYSE: UA). The scan targets charts exhibiting both upsloping and downward sloping channels with multiple trendline touches. Follow these channel charts for favorable long and short entry points.
Today’s chart scan targeted Visa (V) and Ultra Long Treasury Bonds 7-10 years (UST). Visa has been very weak as of late on concerns of congressional legislature capping debit and credit card fees. Downgrades are sure to come as Visa approaches major support levels. Ultra Long Treasury Bonds (UST) chart has been strong with multiple touches of the upsloping support line. Watch as UST resolves its bullish triangle pattern.
Today’s stock chart scan highlights two companies with upcoming FDA decisions. Arena Pharmaceuticals (NASDAQ: ARNA) has an upcoming FDA panel on (9/15/2010) and has recently broke out of a declining wedge pattern. Expect some speculation and run-up heading into the panel. Questcor (NASDAQ: QCOR) is on the radar due to its PDFUA on (9/11/2010) and attractive looking chart.
Today’s stock chart scan includes Arena Pharmaceuticals (NASDAQ: ARNA) and Radware (NASDAQ: RDWR). Arena has been heavily traded up as investors anticipate favorable results for Lorcaserin at an upcoming FDA panel on September 16th, 2010. Information technology service provider Radware has made a huge move over the past year. Watch RDWR as it breaks out of its ascending triangle patter
Today’s chart scan includes two niche sports apparel brands, Under Armour (NYSE: UA) and Lululemon Athletica (NASDAQ: LULU). Each retailer exhibits key channel support trendlines. In the case of LULU, the lower support channel trendline was touched. Watch in coming days as these stocks test their channel support lines amidst weak retail sales.