Financial Market Analysis
By Shawn R. Carpenter
Thursday, May 21, 2009
ITT - Short Idea
ITT Corp. is breaking through another bearish wedge. Once can see that after the first wedge (Nov'08-Jan'09) had been broken, we saw a significant downturn. I expect the same here, with a first target to be set at 32.50 followed by 32. Confirming this view, the RSI is showing a bearish divergence and has broken through an upward support line. Also, the upper Bollinger Band is showing a flat line in some areas, suggesting major resistance.
ITT Corp. is breaking through another bearish wedge. Once can see that after the first wedge (Nov'08-Jan'09) had been broken, we saw a significant downturn. I expect the same here, with a first target to be set at 32.50 followed by 32. Confirming this view, the RSI is showing a bearish divergence and has broken through an upward support line. Also, the upper Bollinger Band is showing a flat line in some areas, suggesting major resistance.Labels: ITT Corp.
¶ 3:35:00 PM 0 comments
Ideas
Above is are examples of my recent ideas. I haven't had time to post the charts, but should anyone need them, send me your contact information and I can send them to you.
I am also SHORT:
TMO @ 35.815
GILD @ 44.68
LONG:
GLD @ 92.215
Above is are examples of my recent ideas. I haven't had time to post the charts, but should anyone need them, send me your contact information and I can send them to you.
I am also SHORT:
TMO @ 35.815
GILD @ 44.68
LONG:
GLD @ 92.215
Labels: ABX, ADSK, ASML, BP, BRCM, CAKE, COH, CSCO, CVX, GLD, HPQ, LMT, NBL, NEM, PFCB, SLV, TMO, TXRH, XLNX, XLY
¶ 2:40:00 PM 0 comments
PF Changs
PF Changs is SHORT idea that I came up with in the last couple of days, but haven't posted yet.
As shown on the chart, I expect the rice to fall down to the 200 day moving around the 22.50ish level mainly due to a break lower from the recent upward trending channel.
Stop/loss would be a break of the lower trend line of that channel. ¶ 2:29:00 PM 0 comments
PF Changs is SHORT idea that I came up with in the last couple of days, but haven't posted yet.As shown on the chart, I expect the rice to fall down to the 200 day moving around the 22.50ish level mainly due to a break lower from the recent upward trending channel.
Stop/loss would be a break of the lower trend line of that channel. ¶ 2:29:00 PM 0 comments
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