Watchlist 3.25.13 | The Most Evolved

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I scanned 3,000 stocks this weekend and for the first time this year the bearish setups outweighed the bullish. Didn’t find a lot of good looking patterns, but I have a bullish bias for end of quarter mark up.

LONGS

V – Still range bound in this descending channel. Volume starting to come into the name again. The top of the channel is also some pretty heavy volume resistance. This is one of my favorite bullish setups going into next week but it may need another week or so to trigger. I’ll be watching.

TK – Friday’s action tested the top of the pennant. Watch for volume to step in and bring higher prices. First target is the volume resistance just shy of $36. Be aware the shipping sector may be ready for a pullback.

HD – A series of higher highs and higher lows is healthy bullish action and should bring a test of at least the recent highs.

ADS – Maintained this rising trend line and bounced off the 50ema. Closed back over volume resistance on Friday. Stochastics and RSI turning back up.

CSTR – Bull flag on the daily. Trading over volume support and has a gap to close at $59.00. Could be a nice candidate for bull put spreads.

SHORTS

VMC – Watching for a long or short position off this rising trend line. Price action may find support and bounce but the head & shoulders is standing out to me. Closed pretty close to the lows on Friday — not a pretty candle.

EMN – Increasing selling volume at the end of last week and a failure of the 50ema on the daily should bring price down to the next support level (the rising trend line).

FCX – Descending triangle pattern. Stochastics overbought. Looks like it wants to test recent lows. Stop would be a close over the descending trend line.

HAL – Failed the ascending trend line last week on heavy selling volume. Sideways consolidation and a measured move from the bear flag brings a test of the 200ema.

 

Trade safe,

@AffluenzaVirus

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