Yeah, yeah, we all know about Tesla and have opinions about the stock, CEO, and future of the company.
But check out TTM out of India.
Here we have a daily chart basing reasonably well, with resistance defined over the past few weeks at $28.09.
This is not a perfect chart, but with the rest of the auto sector hot pretty much across the board, Tata becomes a logical name to play catch-up.
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You know the deal at this stage in the rally–Raise stops and scale into strength. But even with some indicators pointing to imminent inflection points, when you look at 3D printing stocks like DDD SSYS, they continue to set up to squeeze higher yet.
Both stocks are bull flagging rather well after their recent advances, digesting the move as sell volume is tapering off. Note the volume pattern on the bottom of each daily chart. If price can pop back above the resistance bull flag trendlines drawn below, shorts figure to be in store for another round of pain.
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As a quick follow-up to my post yesterday about the very long-term breakout potential in the U.S. Dollar, on the 30-munute chart of the UUP ETF you can see price banging at the door at that key $23 level. This is a very interesting setup headed into next week and beyond, as well as how other asset classes will react.
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I know that we are in a really neat bull market which renders guys like Marc Faber and Bill Fleckenstein to be caricatures of the year 2008. But it is still instructive to note which stocks are displaying relative weakness. If and when a correction finally materializes, I would expect them to get hit even more.
We have been noting JetBlue’s weakness for a while now inside 12631. Today, versus other airline stocks and of course the broad market that weakness is all the more evident, still with room to drop before becoming very oversold.
The stock is heavily-shorted, but sometimes those shorts are actually correct.
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We are seeing some nice rotation into energy and materials this morning. As the session progresses, I am looking to see if the moves stick and especially if more volume comes in.
Here are two long setups in the energy space with tightly-coiled charts. I like them on further strength but, again, want to see more volume come in and the moves hold.
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