Some charts

Posted by downtowntrader | 5/03/2006 09:22:00 PM | 2 comments »

I was out all day and won't be trading tomorrow so I can't really review where we stand. However, I went through the IBD100 tonight and I am highlighting a few interesting charts.

We'll start off with a couple shorts.

BER broke down and has formed a little bear pennant up to resistance.

CIB fell out of an ascending triangle. Could drop to previous pivot low or worse.
FMD has an interesting chart as it broke out of a base but has been having a hard time with previous gap resistance. If it can close the gap, it might make a move to the 70's.
I highlighted MFLX as a chart to watch to see how it handled the trendline and it looks like it is bouncing off of it.
NEU is looking very strong here.

I ran out of time but a couple other charts to keep in mind are INFA and ITRI.

Good Luck,

DT

2 comments

  1. Muaad // 4:26 AM  

    Hi,

    I am curious as to whether you have been following ERS as of late. It is on a very strong uptrend. A great stock to Trend Follow.

    Your thoughts are welcome.

    ML

  2. downtowntrader // 9:28 PM  

    Muaad,
    Yes I have been following ERS and count me as one of the ones that sold too early. However, I've been thinking it was way too extended for a safe re-entry and today confirmed my belief. Today's drop probably killed it for a little while as the next couple rally attempts will probably be used to take profits for those who missed the first chance. It is still a very strong stock and I will be watching for a safe entry.

    DT