Stock Chart Analysis HDNG
A friend of mine alerted me to the fact that HDNG should debut very high on the IBD100 this week. It sports 99 EPS and 99 RS ratings which are the highest possible. It could even make number 1 on the list.
Hardinge Inc. (Public, NASDAQ:HDNG)
While HDNG is obviously extended, it is looking like this is a very powerful move. It just cleared a triangle that could also be considered for a measured move higher. The triangle target is around 36. A measured move is estimated as an equal move into the base and then back out. The move to the triangle was about 10-15 points, so a measured move would project to 36-41. Obviously this is speculation, but it could pop if it makes the list. Trade at your own risk.
Good Trading,
Joey
I wrote an article for Stocktickr.com as a case study for keeping a journal. I highlight why I think keeping a journal is important, and how I used it to confirm my edge. Here is an excerpt:
"Do you have an edge? To consistently win in the markets, a trader needs an edge that tilts the odds in his or her favor over a large sample of transactions. Beyond this, the trader needs to exploit this edge by being disciplined enough to trade the edge when it presents itself, and then manage the trade in order to minimize losses when wrong, and maximize gains when correct. If a trader truly has an edge with long term probabilities on their side, it only becomes a matter of trading the edge in large enough quantities to minimize random chance from the equation. While random chance can impact any given trade, in the long run the odds will gradually even out. Flip a coin ten times, and you could have a weird outcome of seven heads and three tails. Flip a coin ten thousand times, and odds are the results will be near 50/50."
To read the rest of the article follow this link.
Also, if you're interested in trying out stocktickr Pro, click here for a free 30 day trial.
Good Trading,
Joey
Stock Chart Analysis OMNI
OMNI Energy Services Corp. (Public, NASDAQ:OMNI)
OMNI has been trading in a huge triangle for the better part of a year. The trading range has been narrowing as it consolidates and gets ready for it's next move. In more recent action, OMNI has been pulling back in a corrective fashion and attempted to break out today after posting earnings. It appears that OMNI was held back today by the extreme weakness in the stock markets and the pullback oil and oil services stocks. While oil service stocks may due further consolidation, OMNI is in a good spot here if it can get follow through. At worst, it warrants following for a few days to weeks, as it could be getting ready to embark on a new trend higher.
Good Trading,
Joey
Stock Chart Analysis EBAY
eBay Inc. (Public, NASDAQ:EBAY)
I posted on EBAY a while back, close to their earnings release showing how EBAY was approaching stiff resistance on the weekly chart. EBAY was extended at the time and it would of been difficult to break that resistance while being oversold. Well, it looks like EBAY is back to test a breakout and is in much better shape this time.
Here is a look at the daily chart. It broke out of the daily base and came back to test the breakout area as support. It appears that it will be successful and move to new highs, as long as the stock markets cooperate.
The more interesting chart is the weekly chart showing a three wave pullback that may be complete. EBAY is coming up to a downtrend line that may give it some trouble, but with the daily looking good, it appears that EBAY will break out on this attempt. Now there is no need to rush out and jump in, because usually these downtrend breakouts will come back and consolidate near the breakout area. However, it appears that the odds are decent that EBAY has put in a significant bottom that may hold for years.
Good Luck,
Joey
Stock Chart Analysis BDX
Becton, Dickinson and Co. (Public, NYSE:BDX)
BDX looks like it broke out of a tight consolidation and is now pulling back to test the breakout area as support. It formed a doji candle which show equilibrium between buyers and sellers at a possible support level. It then confirmed the doji by trading higher then the doji. It's possible that BDX is on it's way to test the recent highs and over take them.
Good Trading,
Joey
Stock Chart Analysis NKE
NIKE, Inc. (Public, NYSE:NKE)
NKE has been threatening to roll over the past couple of weeks, but is somehow still sitting atop it's 50 day moving average. It has pulled back to a longer term rising trend line while falling out of a short term triangle. It appears that this has the potential to be a false breakdown which could lead to a rapid move in the opposite way. False breakdowns have good potential when caught, because a large group of fooled traders have to join the breakout buyers in pushing the stock higher.
Good Trading,
Joey
Stock Chart Analysis ADBE
Adobe Systems Incorporated (Public, NASDAQ:ADBE)
ADBE has been trading in a base for about 6 or 7 months now, after a breakaway gap last September. It has narrowed it's range considerably the past two months and may be ready to test a breakout from the trading range. It has pulled back to the lower bollinger band and rising 50 day simple moving average, while working it's way into an oversold condition. An oversold stock, sitting on potential support, and only a few points from all time highs makes for an interesting situation.
Good Trading,
Joey
A friend of mine is putting together a free basic technical analysis class that will be held in a Paltalk chatroom. It will run Tuesday nights at 6 Pacific time for 4 weeks....classes will run 1-2 hours each. The classes will be free but are limited to the first 100 people and it will be necessary to be a stockcharts.com subscriber. If anyone is interested in attending this class for FREE or if they are interested in getting more information, please contact him via email. His email address is black.truck@verizon.net .
Joey
PS. I uploaded some new charts in the posts below tonight.
Stock Chart Analysis GES
Guess?, Inc. (Public, NYSE:GES)
GES has been trading an interesting chart recently. It has found strong buying in the $37 dollar level twice. The second time caught some bears by surprise and it was followed by a quick rejection of the $38 level, and then an NR7 bar. An NR7 bar means it was the narrowest ranged candle of the past 7 candles. This usually shows an equilibrium in supply and demand and can be followed by a volatile move in either direction. It looks to me like GES is getting ready to move higher but remains in a vulnerable spot under the 20 and 50 day simple moving averages.
Good Trading,
Joey
Stock Chart Analysis URZ
Uranerz Energy Corp. (Public, AMEX:URZ)
URZ has been in a pretty steady uptrend since IPO'ing late last year. It has been trading in small legs, up followed by quick consolidations. It appears to be getting ready to clear a tight triangle consolidation pattern, which would take it to new high all time highs.
Good Trading,
Joey
Stock Chart Analysis GMO
Idaho General Mines Inc. (Public, AMEX:GMO)
GMO is trading in a classic bull flag after more then doubling in a powerful March breakout. It had a false move out of the flag already, so be careful trading this one. I would feel better if it cleared the 7.00 area, but the 20 day simple moving average has caught up with price and could ignite a move.
Good Trading,
Joey
Stock Chart Analysis PLM
PolyMet Mining Corp. (USA) (Public, AMEX:PLM)
PLM cleared a choppy base in early April on a nice increase in volume. It has been consolidating above the previous base which means it could be confirming this area as support. The volume increase shows a new found interest in PLM and if it can clear this recent consolidation it could spark a nice rally.
Good Trading,
Joey
