Stock Chart Analysis VNDA

Vanda Pharmaceuticals Inc. (Public, NASDAQ:VNDA)

I've been stalking VNDA for a few weeks now waiting for this correction to end. It has had a couple false signals, but it may be ready to move higher soon. It still hasn't filled it's sizable gap which can only be considered bullish. It cleared the first down trend line and is now starting to level off. Also notice the sneaky increase in volume hinting at possible accumulation. This is a very tricky stock to trade, but may be setting up for an intermediate term trade soon.



Good Trading,


Joey

Stock Chart Analysis IVN

Ivanhoe Mines Ltd. (USA) (Public, NYSE:IVN)

Gold looks like it put in a near term bottom, so I was looking for possible beneficiaries in the mining stocks. IVN has a very nice looking chart and is very close to all time highs. It is bouncing off the lower bollinger band and has formed a couple narrow range candles which would allow for a good risk / reward setup. Add some oversold indicators starting to turn up, and there is a good chance of picking a near term bottom here.



Good Trading,

Joey

Stock Chart Analysis MRO


Marathon Oil Corporation (Public, NYSE:MRO)

MRO setup nicely a week ago, and is looking like it will breakout, now that earnings are out of the way. Notice how MRO has respected this internal trend line. It is probably based on a fibonacci fan extended downward. It's amazing how these fibonacci sequences can hold power over a chart, since in reality prices are trending back and forth on traders perceptions of supply and demand. Either way, MRO has held above the trend line and the bollinger bands are now expanding, hinting at increasing volatility in the near future. Couple this with MRO knocking at new all time highs, and you don't have to argue much at how bullish this looks.



Good Trading


Joey

Stock Chart Analysis HRT

Arrhythmia Research Technology, Inc. (Public, AMEX:HRT)

HRT continues to consolidate in the $22 area while pressing up against a down trend line. Notice the stock is looking like it will make a higher low along with higher lows in all the indicators. Bears are running out of steam here, at least in the near term. HRT could easily make a run to $27 even if this isn't a bottom, so there is a good risk reward setup developing here.


Good Trading


Joey

Stock Chart Analysis GROW

U.S. Global Investors, Inc. (Public, NASDAQ:GROW)

GROW is front and center on my screens today. It is still well within a cup and handle pattern and could be close to breaking out of the handle. It had a strong day after touching the possible bottom of the handle on Tuesday, and then pulled back about 61.8% of that push. It then formed a nice narrow range candle and could clear that today. Be careful trading this stock as it is very volatile, but the rewards outweigh the risks at this point. If this were to hit a new 52 week high, I have a feeling shorts would be scrambling with 32.71% of the float being held by them.


Good Trading,


Joey

I got home late tonight so there won't be charts. I will be posting charts tomorrow though, so make sure to drop by. GROW comes to mind as a possible long play.

As a reminder, I am posting my general analysis over at downtowntrader.com so be sure to visit. I am also posting some humor along with the market analysis.

Good Trading tomorrow.


Joey

Stock Chart Analysis WBD

Wimm-Bill-Dann Foods OJSC (ADR) (Public, NYSE:WBD)

WBD cleared an ascending triangle in March and is in the process of consolidating that breakout. This consolidation is very tight and has already gone far enough to put most indicators in oversold status. If the stock markets cooperate, WBD could be off to the races.



Good Trading,

Joey

Stock Chart Analysis CMGI

CMGI Inc. (Public, NASDAQ:CMGI)

CMGI has already doubled in only a few months, yet could be close to another strong move. The bull flag/pennant is one of the most powerful chart patterns to trade, and CMGI looks like it is close to breaking out of one. Aggressive traders can enter on a break of the trendline shown below, while conservative trader would wait for the previous high to be taken out.
Good Trading,

Joey

Stock Chart Analysis PRGS

Progress Software Corporation (Public, NASDAQ:PRGS)

PRGS had a nice breakaway gap in March from a five month base. While it may be early to enter this new uptrend, the chart looks very promising, and the breakaway gap may go unfilled for quite some time. If the stock markets are weak for another couple days, it may provide for a nice entry.



Good Trading,

joey

Stock Chart Analysis TCO

Taubman Centers, Inc. (Public, NYSE:TCO)

TCO was in a healthy uptrend until late February, where it just rolled over. It has been struggling to regain traction since then and looks like it is starting to move lower again. It just broke under an established trading range and could accelerate from here.



Good Trading,

Joey

Stock Chart Analysis HURN

Huron Consulting Group (Public, NASDAQ:HURN)

HURN has been consolidating after a bullish breakaway gap. It hasn't retraced into the gap much, and could be finding support after touching the lower bollinger band twice. While it may be a little early here, HURN looks like it is still in a healthy uptrend.


Good Trading ,


Joey

Stock Chart Analysis SBUX

Starbucks Corporation (Public, NASDAQ:SBUX)

SBUX has been under distribution all year. OBV has been declining along with price confirming the downtrend. SBUX has been trading in a triangle / wedge pattern which is usually a continuation pattern. If it continues to fall out of this triangle it it would project to make new lows for the year. The 50 day moving average is under it though, and could provide support.


Good Trading,

Joey

Stock Chart Analysis RCII

Rent-A-Center, Inc (Public, NASDAQ:RCII)
RCII has been trading in very choppy patterns and looks like it is in the process of starting a new down leg. It has been trading in a rising wedge and just fell out of the lower edge of it. The fifty day simple moving average may smother it for the foreseeable future.


Good Trading,

Joey

Stock Chart Analysis HIBB

Hibbett Sports, Inc. (Public, NASDAQ:HIBB)

HIBB has been pulling back from recent 52 week highs making lower highs and lows. Overall the pattern looks like a deep cup and handle on the yearly chart (not shown). It looks like it is in the process of making a partial retrace which is a concept I recently highlighted in an article written for Investopedia.com. Although the stock markets are looking weak, especially after today, HIBB looks bullish and could be resuming it's uptrend here.


Good Trading,

Joey

I've been meaning to setup up downtowntrader.com as my main blog for quite some time. I've been working on it for the past week and it's at a point where I will start posting from it, although it's not quite where I want it to be. I will be working on it the next few weeks I'm sure.

However, this blog is not going away. I will be using this blog to post stock charts, just I always have. I plan on posting the charts in their own blog posts, so that I can post more frequently throughout the day, rather then trying to upload ten charts late at night. The only other difference is I will now be posting market analysis, educational articles, reviews, and general posts on the other blog. I will have a feed on downtowntrader.com linking to the posts from this blog, so you can always find the most recent analysis and charts on that blog.

One of the reasons I am expanding to the other blog, is that hosting it on my own ISP space allows me the freedom to add additional services later if I so choose. I'm not sure which direction I want to take it yet, so if anyone has ideas or comments on something they would find useful, please feel free to let me know.

I would also appreciate it if any bloggers could add a link to my new blog and any RSS feed subscribers join that feed as well.

Also, I posted the usual Sunday night charts below, in the new format of one chart per post. As always, click on any chart to make it larger.

Thanks,


Joey

Stock Chart Analysis of Zumiez Inc. (Public, NASDAQ:ZUMZ)

ZUMZ has been moving progressively higher and looks like it is pulling back to support after a recent breakout. It may be finding support at the rising 50 day simple moving average and lower bollinger band. OBV has held up pretty well in this pullback.

Good Trading,

Joey

Stock Chart Analysis of Altria Group, Inc. (Public, NYSE:MO)

MO cleared a descending broadening wedge, and is now trading in a bull flag. The 20 day simple moving average has caught up with price and could give it support to breakout. On Balance Volume has been in a leading divergence and while it may be early, MO is certainly looking bullish.


Good Trading,


Joey

Stock Chart Analysis of TAM S.A. (ADR) (Public, NYSE:TAM)

Airlines have been extremely weak recently and TAM may be ready to follow suit. This has been a tough chart to trade, and it may continue to be the same, but it shows much promise. It looks to me like it broke down out of a large triangle like base and looks like it is now setting up in a diamond pattern. I don't find too many diamond patterns, but this looks like a decent example of one. It is sort of a cross between a pennant and a triangle, but trading it is fairly straightforward. I will look at shorting if it falls out of the lower trendline.
Good Trading,

Joey

Stock Chart Analysis of ConAgra Foods, Inc. (Public, NYSE:CAG)

CAG has been moving sideways after falling out of a head and shoulders top, and could be accelerating to the downside again. It broke out of a triangle consolidation pattern and then gapped lower. It sure looks like it will go lower, but the tough part may be finding a decent entry with a manageable stop.


Good Trading,


Joey

Stock Chart Analysis of OYO Geospace Corporation (Public, NASDAQ:OYOG)

OYOG is a low float stock that has a bullish looking chart. It cleared a long consolidation and is in an uptrend making higher highs and low. It is in the process of consolidating in a pretty tight range and could be breaking out soon. The 20 day simple moving average may provide the support it needs to move out.
Good Trading,

Joey