Stock Chart Analysis HMSY

HMS Holdings Corp. (Public, NASDAQ:HMSY)

HMSY has been trading in a pretty tight range failing to dip even under the 9 day ema during some pretty weak market days. It looks like it is in the process of developing a bull flag or pennant and the breakout should be a nice one if it can hold up. All time highs are around 36 on this stock and I think it may try and test that if it breaks out.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis CPLA

Capella Education Company (Public, NASDAQ:CPLA)

CPLA looked like it was falling apart a few weeks ago, but buyers stepped in and it has held up well in the face of more market weakness. CPLA is one of the few stocks holding steady near all time highs so it will probably be one of the first to turn higher when the correction runs it course. I am keeping an eye on the channel drawn below rather then a close above all time highs.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis ICE

IntercontinentalExchange, Inc. (Public, NYSE:ICE)

Speaking of head and shoulder (see post below), ICE seems like it may be rolling over here. I'm not sure if it's going to break as most of the time these patterns end up being consolidations instead of tops, but it definitely set a lower high here and should at least retest the $140 area. That could be a quick 7 points for nimble traders, and it's possibly a nice entry if it does break down. A word of caution may be in order for shorts though, as volume is not picking up on the right shoulder. Thats usually the case for successful H&S tops.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis ITW

Illinois Tool Works Inc. (Public, NYSE:ITW)

I posted on ITW last night and a friend asked me about a possible head and shoulders on it. Although I failed to mention it last night, some of the best trades occur when a chart pattern fails to move to fruition. This is because many participants get in early assuming the pattern will develop, but if it fails, they scramble to get out of the trade along with new traders getting in. A head and shoulders isn't valid until a close below the neckline, and ITW managed to dip under it and close above it. Today it made a higher daily high, although it failed to follow through. This is one of those trades that is so close to working for either side, that once it starts moving one group of traders will be caught off guard.

Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis ITW

Illinois Tool Works Inc. (Public, NYSE:ITW)

ITW broke out of a decent base in June and following through nicely. However, it has since retraced the breakout following recent market weakness. There hasn't really been too much chart damage here, and if the markets rally this week, then ITW should be a willing participant. This has a very nice weekly chart to go along with the nice daily setup.

Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis FLR

Fluor Corporation (NEW) (Public, NYSE:FLR)

FLR is another stock with a recent increase in volatility. However, it has all been contained in a pretty clear base and if it can clear the top of this triangle then it could be off to the races. Ideally, it will print a few narrowing in range candles to trade off, but the ideal situation doesn't always happen. I would look at playing it with reduced lot sizes if it breaks out here, or playing it normally if it takes more time to develop.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis TK

Teekay Corporation (Public, NYSE:TK)

The Shipping sector has been very strong lately, but I'm finally seeing some weakness in some of the names. While this may be a normal pullback, TK is looking vulnerable if it turns into more. This play reminds me of TSO back when I felt the oil sector was pulling back. Looking at this chart, I see a struggle going on as shown by increased volatility and all the long wicks on the candles. Volume is also increasing. Whichever way it breaks here will probably present a nice move, and at this point I have to favor a downside breakout.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis SLW

Silver Wheaton Corp. (USA) (Public, NYSE:SLW)

SLW held up extremely well when Silver was correcting, and recently broke to all time highs. I highlighted this stock before the breakout and I am highlighting it again because it may be giving a nice opportunity to get in on the first pullback after breaking out. Here is a daily chart showing the breakout area and the subsequent consolidation pattern. It is pulling back in a pennant type pattern into a rising 50 day sma.

The weekly chart shows the overall pattern quite nicely. If metals rally from here on out, then SLW mayore then likely be one of the leaders for the mining group.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis GG

Goldcorp Inc. (USA) (Public, NYSE:GG)

Gold has been fairly stagnant recently while the mining stocks have shown strength. The past few days have shown an increase in volume for the metal with an almost 2% move on Friday. If Gold can start picking up some momentum, then Gold stocks should end their year long correction and follow the metal higher.

GG's daily chart is not all that impressive, but it does show that Goldcorp broke out of a well defined channel and that it has started to print higher highs and lows. It's quite possible that the correction was completed for GG in June.


Here is a weekly chart showing the channel more clearly.
I love when the weekly and daily chart are aligned and if Gold does indeed rally, then GG should be a pretty decent play.

Good Trading,


Joey

for more analysis, check out downtowntrader.com