Bullish Move

Posted by downtowntrader | 8/28/2006 10:13:00 PM | 1 comments »

The markets had a bullish move today although on typical light summer volume. I am seeing some bullish tech charts tonight which may give a clue that the Nasdaq is ready to lead the next few days. Oil and Commodities pulled back which may of helped.

Here is a chart of Oil. I highlighted an evening star on my candle chart a while back as a warning of a trend reversal and it has held up so far. Here is an OHLC bar chart showing a possible test with a long term trendline.

AKAM continues to look bullish and had a decent day today.

BWNG may be ready to break out of this flag consolidation.

RACK had a nice move today and stopped at the 38.2% retrace. It looks like it will head further up into the gap.

QCOM resembles the BWNG chart above and it looks like there is plenty of room left to the upside without damaging the overall bearish outlook.

BEAS is a little overbought, but looks like it will make a push to the red trendline.

BRCM also resembles QCOM and BWNG. It looks like it will breakout of a bull pennant and make a push to the 200sma.

CXW is holding above the flag breakout but indicators are starting to get negative.

I had ORB on my watchlist and just flat out missed the bounce today. This is a strong candle and looks like it is the beginning of a breakout.

MYOG is yet another Flag after downtrend breakout chart. Most of these look like they will make one more push up.

GOL held up after almost reversing the downtrend breakout. At this point it looks like they will travel up the channel which may turn out to be a large bear flag.
A couple of links worth checking out tonight follow:

  • Nice roundup of stockcharts.com public charts by Fallond.
  • Tim Wood on Transports failure to confirm rally.
  • Chart of housing runup courtesy of Trader Tim.
PS. Transports got a reprieve as Oil pulled back when Hurricane Ernesto turned away from the Gulf and towards me ;) . Thankfully it looks like I will have to weather a Tropical Storm and not a hurricane tomorrow night. If you don't see a post, it is because of a power or DSL loss.


Good Luck tomorrow,

DT

1 comments

  1. Brazel // 3:24 AM  

    Thanks for the link DT. I see we both have our eyes trained on MYOG.