Stock Chart Analysis OSIP

OSI Pharmaceuticals, Inc. (Public, NASDAQ:OSIP)

Finding a bullish chart in the recent mess we call the markets recently, is much like finding an oasis in the middle of the desert. OSIP stuck out like a sore thumb tonight as I was wading through one bearish engulfing pattern after another. OSIP looks like it is trying to break out of a bull flag consolidation which is no small feat on a day like today. OSIP may also benefit from some publicity with Lazard and Piper Jaffrey hosting Health Conferences the next two days and an Analyst day following on Thursday. Keep an eye on the $40 level as a floor.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis CAM

Cameron International Corporation (Public, NYSE:CAM)

While I'm not bearish on the markets right now, I do think oil stocks are looking like they may slide some more. The XLE and OIH etf's are looking weak and many individual stocks are up against declining 20 day sma's. I'm showing CAM below, but many stocks have similar patterns so as the sector goes, so will this. CAM has moved sharply the past few days from a breakdown low of 85.51 to an intraday high today at 96.51. It then failed at the declining 50 day sma and ended up forming a shooting star candle. This can mark a reversal depending on how the type of follow through it gets the next day or two. The 20 day sma also just crossed under the 50 day sma which is another negative bearish signal I use. All in all this looks like a decent shorting opportunity if it can start making lower daily lows here.


Good Trading,


Joey

for more analysis, check out downtowntrader.com

Stock Chart Analysis NST

NSTAR (Public, NYSE:NST)

As I was going through the utility sector this weekend, I noticed a nice cup and handle forming in NST. The Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout. It was developed by William O'Neil and introduced in his book, How to Make Money in Stocks. This is a book I like by the way and usually recommend as a good book for those just getting started in trading.

If you dig a little deeper, you can see a couple of other smaller patterns that helped construct the larger pattern. There was a reverse head and shoulder that formed the bottom of the cup. The breakout has been followed by a sideways consolidation that could be considered a "handle". If it does indeed clear the handle then the target measures out to near $40. Not a wild mover, but there is little risk here as well.



Good Trading,


Joey

for more analysis, check out downtowntrader.com