[WEEKLY ROUND-UP]
Strong closing for the FTSE on Friday shows a lot of extremely bullish movement across a lot of charts I'm looking at.
Leading with BAY my watchlist and TA from last week is looking pretty good. As it closed, BAY is at just shy of 250 - up 12.5% from 222 on huge volume. Really pleased with my analysis of this one, a lot of the 52 week bottoms show some good leading indicators to make good judgements on. While the stochastics are still good, the MACD and ADX are looking even better. I would like to see it break 260 clean - we might see a repeat of last October if we don't.
BAY is still in a downward trend, but these swings provide good trading opportunities. Check the upper trend line breaks for entry points. Some strong moves next week could see the start of consolidation or a reversal.
British Airways chart:
BP smashed the resistance at 582 as it gapped up on strong volume - reaching the point were the bear gap was set on the fall prior to the W formation. At it's peak it hit 622 which was 3p short of my target price. The volume has been low, with a lot of profit taking following the jump.
BP chart:
As the stochastics look to be creeping down to -80, and the directional movement taking a turn for the worse, I think we may be looking at either a bull flag or a drop to new support at 595. I will be watching for support at the 100 day ema on a failure of the gap support at 595.
ADM had a cracker of a week, up 13% on the week and 18% since I clocked on to it. Very pleased again with this one, as with BAY, the indicators looked excellent as it hit a 52 week low - which was historical support/resistance back over 5 years. The stock has reached an important SR line following the rally. A lot of the bullish close was to do with the overall market - there are still some promising indicators. An EMA golden-cross formation on Monday for example could prove very interesting.
Admiral Group chart:
I haven't been too impressed with NG. It is up maybe 1.5% on my call, but looks like it's attempting to form some kind of triangle/pennant. I reiterate 'watch' for a lowered break of 740 for the action.
BA. is getting it's dilly-dally on. It's up maybe a few pence after slipping out of it's upward channel for the first time in over a year. It is back in there with some good looking indicators - but I would not necessarily enter a trade on this until the parameters for the ascending wedge are a little tighter.
BAE Systems chart:
AAL is a real watcher. After predicting a drop, the stock dropped 8% - but has rebounded with some very indecisive candlestick formations. The volume is edging out of this one, but there are some conflicting indicators - ie stochcastics saying yes, DM saying not yet, MACD saying no. It looks also like there is an inverse head and shoulders pattern as we form an ascending wedge featuring an extreme tangent. This indecision in the market will either see AAL smash 3470, or drop down to the dotted trend line. Excuse the alert signals on the graph - like I say, one to watch, and I'm not sure I have enough skill to be able to call this one.
Anglo American chart:
VPC looks like it's trying to figure out which way to go. If you find the chart for it, the entry/exit sup/res lines etc should be quite easy to spot.
MGCR looks like it needs to break 238.5 before it sees a rallying call. If that fails, watch for support at 207. The bullish engulfing from Friday was on very small relative volume - indicating it was more the market that brought it up, rather than on it's own merit. 238.5 for a buy, short on a failure of that clearance. Buy at 207 depending on signals.
The fantastic ReneSOLA looks set for a drop, to around 340 or as low as 210. However, solar stocks are up and down in the US - so check for the movements there. All my indicators say down for next week. If you get it right, SOLA is an excellent stock to day trade once you get familiar with it's movements. I've watched it go up 9% in half an hour on a few occasions now.
Check back on Sunday for next weeks watchlist. I am familiar enough with the above stocks to know their movements without continuos TA - so I might reshift my focus next week to some smaller companies. At the moment, I'm looking at Autonomy (AU.) and West Canadian (WTN) - a stock I wouldn't normally cover but wait for this chart! I'm also looking for a move off lows for Johnston Press (JPR) and speculative analysis plays on Centrica (CNA) and Petrofac (PFC)
Leading with BAY my watchlist and TA from last week is looking pretty good. As it closed, BAY is at just shy of 250 - up 12.5% from 222 on huge volume. Really pleased with my analysis of this one, a lot of the 52 week bottoms show some good leading indicators to make good judgements on. While the stochastics are still good, the MACD and ADX are looking even better. I would like to see it break 260 clean - we might see a repeat of last October if we don't.
BAY is still in a downward trend, but these swings provide good trading opportunities. Check the upper trend line breaks for entry points. Some strong moves next week could see the start of consolidation or a reversal.
British Airways chart:
BP smashed the resistance at 582 as it gapped up on strong volume - reaching the point were the bear gap was set on the fall prior to the W formation. At it's peak it hit 622 which was 3p short of my target price. The volume has been low, with a lot of profit taking following the jump.
BP chart:
As the stochastics look to be creeping down to -80, and the directional movement taking a turn for the worse, I think we may be looking at either a bull flag or a drop to new support at 595. I will be watching for support at the 100 day ema on a failure of the gap support at 595.
ADM had a cracker of a week, up 13% on the week and 18% since I clocked on to it. Very pleased again with this one, as with BAY, the indicators looked excellent as it hit a 52 week low - which was historical support/resistance back over 5 years. The stock has reached an important SR line following the rally. A lot of the bullish close was to do with the overall market - there are still some promising indicators. An EMA golden-cross formation on Monday for example could prove very interesting.
Admiral Group chart:
I haven't been too impressed with NG. It is up maybe 1.5% on my call, but looks like it's attempting to form some kind of triangle/pennant. I reiterate 'watch' for a lowered break of 740 for the action.
BA. is getting it's dilly-dally on. It's up maybe a few pence after slipping out of it's upward channel for the first time in over a year. It is back in there with some good looking indicators - but I would not necessarily enter a trade on this until the parameters for the ascending wedge are a little tighter.
BAE Systems chart:
AAL is a real watcher. After predicting a drop, the stock dropped 8% - but has rebounded with some very indecisive candlestick formations. The volume is edging out of this one, but there are some conflicting indicators - ie stochcastics saying yes, DM saying not yet, MACD saying no. It looks also like there is an inverse head and shoulders pattern as we form an ascending wedge featuring an extreme tangent. This indecision in the market will either see AAL smash 3470, or drop down to the dotted trend line. Excuse the alert signals on the graph - like I say, one to watch, and I'm not sure I have enough skill to be able to call this one.
Anglo American chart:
VPC looks like it's trying to figure out which way to go. If you find the chart for it, the entry/exit sup/res lines etc should be quite easy to spot.
MGCR looks like it needs to break 238.5 before it sees a rallying call. If that fails, watch for support at 207. The bullish engulfing from Friday was on very small relative volume - indicating it was more the market that brought it up, rather than on it's own merit. 238.5 for a buy, short on a failure of that clearance. Buy at 207 depending on signals.
The fantastic ReneSOLA looks set for a drop, to around 340 or as low as 210. However, solar stocks are up and down in the US - so check for the movements there. All my indicators say down for next week. If you get it right, SOLA is an excellent stock to day trade once you get familiar with it's movements. I've watched it go up 9% in half an hour on a few occasions now.
Check back on Sunday for next weeks watchlist. I am familiar enough with the above stocks to know their movements without continuos TA - so I might reshift my focus next week to some smaller companies. At the moment, I'm looking at Autonomy (AU.) and West Canadian (WTN) - a stock I wouldn't normally cover but wait for this chart! I'm also looking for a move off lows for Johnston Press (JPR) and speculative analysis plays on Centrica (CNA) and Petrofac (PFC)
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