Reversal Pattern

Posted by downtowntrader | 8/23/2006 10:00:00 PM | 0 comments »

I will keep it short today since I have a splitting headache. While todays declines were on lower volume, most indices and plenty of stocks are showing bearish engulfing patterns. This may be a hint of lower prices to come in the near term.
With that in mind, here are a few short charts.

JCOM may be failing after filling the gap and wrestling with the 200 sma.
KOMG may be slipping into the accelerated downtrend channel shown in red.
HAL has been putting up a pretty good fight refusing to go down, but it also has failed to move up much higher and has stalled at the 61.8% retrace of the last leg down. The target for the head and shoulders top is still pretty far below.

Good Luck tomorrow,