Stock Chart Analysis BLUD


Immucor, Inc. (Public, NASDAQ:BLUD)

BLUD is setting up for one of my favorite plays. This setup works best in a bull market as I am buying weakness in a trending stock. BLUD broke out of a broadening wedge on a nice increase in volume as has since come back to retest the breakout. Usually the previous breakout area holds as support. It is now tracing out a little double bottom on the lower bollinger band which also coincides with the rising 50 day moving average. If BLUD holds this area as support, new highs should follow shortly.


Good Trading,

Joey

for more analysis visit my home page at downtowntrader.com

Stock Chart Analysis VNDA

Vanda Pharmaceuticals Inc. (Public, NASDAQ:VNDA)
I mentioned VNDA before as a stock I was watching for an entry on. I still hate the way this stock trades. It gets huge intraday moves on what appear to be buy at market orders, and then pulls back steadily until the entire move is retraced. However, it looks like it is setting up for a double bottom of the lower bollinger band with a nice MACD divergence. I took a small position in this today and will add if it moves as I expect it to.


Good Trading,

Joey

Stock Chart Analysis VG

Vonage Holdings Corp. (Public, NYSE:VG)

Is this stock worth $0? Anytime this company is mentioned I get a lot of negative comments about how they don't own anything or how bad management is, etc. I can't find anyone with anything good to say about this stock. And that is one of the reasons I like it. VG has dropped from a peak of $17 to sub $3. It could keep going to be honest, but the chart is flashing hints of accumulation here and a short squeeze may be coming soon.

VG has been in a very clear downtrend until some recent consolidation in the $3 area. There has been a decent increase in volume signaling capitulation, accumulation, or both. There are also nice divergences in MACD and RSI. If you look closely, you can also trace out a small reverse head and shoulders pattern with a neckline near $3.75. VG could very well fall under this consolidation and keep dropping, but I would wager on a reversal, even if only a dead cat bounce on it.

Good Trading,


Joey

Stock Chart Analysis CNC

Centene Corporation (Public, NYSE:CNC)

CNC has been trading in small bear flag type consolidations followed by impulsive moves down. It looks like CNC is starting to fall out of the most recent flag and could be headed for another leg down.

Good Trading,

Joey

Stock Chart Analysis RHI

Robert Half International Inc. (Public, NYSE:RHI)

RHI is trading in an established channel of lower highs and lower lows. It is approaching the top of the channel and the declining 20 day sma which should serve as resistance. It sure looks like it will go back and revisit the recent lows.

Good Trading,

Joey

Stock Chart Analysis SNDK

SanDisk Corporation (Public, NASDAQ:SNDK)

Could this be a large reverse head and shoulders setting up in SNDK? Thats what I would call it, but what we name it is not really all that important. Whats is important is that SNDK's trend has changed from down to sideways and it could be carving out a base here. It is interesting to see with the bearish sentiment I am seeing, that there are a lot of interesting charts setting up on longer timeframes recently. This has the potential to be an important bottom for SNDK if it can somehow muster up the strength to clear the 200 day simple moving average, currently sitting at 46.54. The fact that the 2003 peak was in the low 40's adds another possible reason for this area to hold as previous resistance turns to support once broken.


Good Trading,

Joey

Stock Chart Analysis QQQQ

PowerShares QQQ Trust, Series 1 (ETF) (Public, NASDAQ:QQQQ)

While the Nasdaq has felt like it was rolling over the past few days, there is a chance it is starting to resume the uptrend. The daily chart looks a little confusing with a bullish candle sandwiched by a couple bearish ones, but the hourly chart may be showing a large triangle forming.

In examining the hourly chart below, I noticed a trendline break that warned me a short term top may be forming. This may still be the case, however, look at the two strong candle forming along the bottom of a potential triangle. While triangles are neither bullish or bearish, they usually end up being continuation patterns of the prior trend, which was up in this case. I will be keeping a close eye on that trendline the next day or two.

Good Trading,

Joey

Stock Chart Analysis SAPE

Sapient Corporation (Public, NASDAQ:SAPE)

SAPE cleared a base on base pattern and is coming back to retest support. It has pulled back to it's rising 50sma and could catch a bid here. It still has an unfilled bearish gap at 7.77 and it may be headed back up for the fill. I view the gap as a little bearish, but it is from over a year ago and could be a non issue.

Good Trading,

Joey

Stock Chart Analysis DWA

DreamWorks Animation SKG, Inc. (Public, NYSE:DWA)

You have to wonder if DWA will get a run into Shrek the Third's opening this weekend. DWA is trading what could be termed a cup and handle or more recently a small triangle, and either could be interpreted bullishly. It is setting up for a bounce off the 50 day simple moving average here and could easily push it over 32.

Good Trading,

Joey

Stock Chart Analysis TASR

TASER International, Inc. (Public, NASDAQ:TASR)

TASR was once a market leading stock running from just pennies a share to the mid $30's. It has since fallen on hard times for several reasons, but has been stabilizing for the past few years. The question is whether TASrR is resting before the next downturn, or if it has been building a base from where a potent rally could emerge. Obviously I am strictly a technical trader, but I do believe in their product line and they dominate it as far as I know.

I am first going to show a weekly chart over the past several years showing the huge double top and subsequent fall. It has been respecting a descending trendline that used to be support before the double top was confirmed. Recently, the lows have been forming higher and higher, showing some demand from buyers. This is starting to emerge as somewhat of a triangle and could be of the bottoming variety. RSI is making fresh highs and volume is ticking up a hair.

If we zoom in to the daily, we see a stock that recently cleared a base and could be coming back for a retest. While it may not get there, I would prefer to wait until it did. The green circle shows what I would consider a sweet spot since it would be above potential support and not have technical damage on a pullback. I would wait for signs of a reversal of course, but again, there are no guarantees it even gets there. I would only enter sooner if it showed clear strength.


I have a few tickers I will hopefully post about tomorrow, but I am busy here with Mothers Day. Check out WNR, MTOX, CPA, and HURN again.

Happy Mothers day to all the Moms all there.

Good Trading,

Joey