Lot's of Charts

Posted by downtowntrader | 6/25/2006 10:27:00 PM | 0 comments »

With the Fed meeting coming up, the markets may not move meaningfully in either direction. If we get a sharp move one way or the other, I would expect a reversal of that move after the fed meeting. Since we have worked off some of the extremely oversold indicator readings, it makes sense that we will get a retest of the recent lows soon. Lot's of charts tonight, so I'll get right to it.

Long Charts

OMNI just cleared a bull flag chart pattern.

EYE traded to a new 52 week high and while it's a little extended on the daily chart, the weekly chart looks pretty good.
Looks like BLS confirmed support at the breakout area.
CHH cleared a downtrend channel Friday.

CLDN is close to breaking resistance and volume is confirming the move.
ENS is clearly extended, but if it clears this pennant it could have a nice quick move.
FORM is looking like it might clear the downtrend channel here.
JCP looks a little tired but it has stayed overbought for long stretches before.
KSS has been trading a very tight range for a few days right up at resistance. If it clears resistance the move may be powerful.
OII is testing resistance here.
XTXI looks like it wants to test the resistance line above.
NTES took it's sweet time trying to fill the previous breakaway gap and still left a portion unfilled. This is bullish as buyers stepped in and now it is trying to clear the pullback channel.
Some Short Charts

ABAX is up to a fib retrace level and is overbought. May be ready to pull back down.

AMX looks like it is trading a nice little bear pennant / wedge up to resistance.
GFIG is still up against resistance.

Thats it for tonight.

Good Luck,