Stock Chart Analysis R

Ryder System, Inc. (Public, NYSE:R)

R has been trading in a huge base for almost a year. The base also looks impressive on a weekly chart with a very nice increase in volume here as it attempts a breakout. On the daily chart the base resembles a reverse head and shoulders, although the label is not quite that important. What is important, is that the stock has gone through a healthy consolidation and is challenging to break to all time highs. It pulled back today to near the breakout area on an ugly candle, so it may be best to wait for it to settle down, but it is definitely worth watching the next few days as the overall pattern is very promising.





Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis RBY

Rubicon Minerals Corp. (USA) (Public, AMEX:RBY)

RBY has been holding up well while managing to have most indicators pull into oversold levels. If it can climb back over the 20 day sma there is a good chance it will form a higher pivot low in this area and then challenge the all time high set in April.

Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis PRXL

PAREXEL International Corporation (Public, NASDAQ:PRXL)

PRXL has been battling with the 40-41 area the past few sessions and it looks like the bulls are winning out. While it closed off the highs today, PRXL did manage to close over the 20 day sma and could clear the broadening wedge highlighted below. There are multiple areas of converging support here and it highlights a clear area where a stop could be set.

Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis ALGN

Align Technology, Inc. (Public, NASDAQ:ALGN)

ALGN bounced strongly off the 50 day sma yesterday forming a hammer at support. The 50 day sma also happened to line up with the previous breakout area, which often is an area where traders who missed out on the initial move pounce on a second chance. If the markets follow through the next few days, then ALGN is poised to challenge recent highs.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis FTK

Flotek Industries, Inc. (Public, AMEX:FTK)

FTK has had a heck of a move this year and has recently been consolidating in an orderly manner. I thought there was a chance it would roll over but it found support and looks to be turning up. It is very close to making new highs and could trigger a short squeeze if it moves above $33.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis LDSH

Ladish Co., Inc. (Public, NASDAQ:LDSH)

LDSH is a stock that has shown very good strength recently following its earnings report. It had a very long consolidation prior to this move and it looks like the next leg up is just beginning. It appears that this is a fairly volatile stock so there may be some headfakes along the way. I also can't rule out the possibility that it retraces back to the $45 area before truly moving out, but overall this looks like a very promising setup.

Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis WFR

MEMC Electronic Materials, Inc. (Public, NYSE:WFR)

WFR is a stock that had some outstanding moves this year, but has fallen into a trading range of late. There is a clear channel it is following as it trades in a consolidation phase. Being that it just tested the lower boundary of that trading range and formed a hammer, it is reasonable to assume that it would bounce here. This is another trade with clear cut stop loss levels and a reasonable target. The other attractive aspect of this chart is that the longer charts are looking good and it could eventually form a major low here.
Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis CBSS

Compass Bancshares, Inc. (Public, NASDAQ:CBSS)

CBSS is not what I would call a clean looking chart, but it is simple enough to read. CBSS had a breakaway move in late February and has basically been consolidating that move for 6 months. It attempted to break out in July only to get held back by the extreme weakness in the recent markets. It is clear to me that the $68-$69 area is being rejected by bulls and that CBSS could be on the verge of a breakout. The nice thing about this chart is that the area where I would get out if something went wrong is very clear (low 68's).


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis OPY

Oppenheimer Holdings Inc. (USA) (Public, NYSE:OPY)

OPY is a stock that at the surface has a pretty good looking chart. There are a couple of warning signals though that are keeping me away from it here. The reason for posting is it is first, to show how subtle clues can be observed on a chart, and second, it could end up being a worthwhile trade eventually.

The first thing that stands out on this chart is the high volume in this consolidation phase highlighted by the blue lines. Typically, these pennant or bull flag patterns should have diminishing volume as the take a breather. When a stock see an increase in volume like this and it stays churning sideways, it often signals distribution.

Second, OPY is consistently making lower highs on each of it's rallies. This tells me that sellers are getting more aggresive on each rally.

Third, most indicators are in a negative divergence, although this is fairly normal for stocks that have had strong moves without pausing for a breather.

However, even with all the negative factors I have highlighted, price is still king. This is still a stock that has weathered the recent temper tantrum in the general markets, and especially in it's sector. The key here I believe, would be a move that closes over 57.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis ESRX

Express Scripts, Inc. (Public, NASDAQ:ESRX)

While I'm not too excited about shorting the markets after such a sudden and sharp correction, I felt compelled to share this chart. ESRX has broken two separate trendline, each of which had declining degrees of trend. The first trend line was of a steeper 45 degree incline common with trending moves. The second trend line flatter, typical of consolidations. The fact that it broke under this consolidation signals that ESRX may be entering a new down trend. It has retraced back to the broken trendline and appears to be rolling over. While bullish support in the 45-47 area look formidable, it looks fairly certain that it will be tested at a minimum. I would say a good stop area would be if it closed over 51.50-52 .


Good Trading,


Joey

for more analysis, check out downtowntrader.com