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.
Today’s stock chart scan highlights Yum Brands (YUM) and Direxion Daily Small Cap Bull 3x (TNA). Yum displays a great chart with a clear neckline. With recent trading activity YUM has held up very well, despite overall market weakness. The Direxion Daily Small Cap Bull 3x (TNA) shows a possible head with double shoulders pattern. Last Friday’s candle (08/20/2010) made a low which touched the neckline of our head and shoulders pattern.
Midwest regional bank, Marshall & Ilsley (NYSE: MI, Free Analysis) has been in an 18-month uptrend, riding momentum in the financial sector. After bottoming in March 2009 at $2.96, the stock has experienced a major run up to current levels. Interestingly enough, the stock has experienced major bounces off an upsloping support trendline. A total [...]