Can we believe in this bounce ?
Major US Indices rebound this week after two weeks of Sell Off.
U.S. stocks closed higher for a third straight session Friday, posting a gain for the week, The Dow Jones Industrial rose 67.56 points, or 0.6%, to 11,278.61, Nasdaq Composite Index climbed 12.13 points, or 0.6%, to 2,210.37. For the week the Nasdaq gained 0.8%, the Dow rose 1.2% and the S&P 500 advanced 1%.
This rebound can be only technical bounce, because we need to see more volume to believe in a reversal trend and if we check the last two days of trading we see that this upside movements was followed by weak volume, so we need to have more careful now.
U.S. stocks closed higher for a third straight session Friday, posting a gain for the week, The Dow Jones Industrial rose 67.56 points, or 0.6%, to 11,278.61, Nasdaq Composite Index climbed 12.13 points, or 0.6%, to 2,210.37. For the week the Nasdaq gained 0.8%, the Dow rose 1.2% and the S&P 500 advanced 1%.
This rebound can be only technical bounce, because we need to see more volume to believe in a reversal trend and if we check the last two days of trading we see that this upside movements was followed by weak volume, so we need to have more careful now.
Rebound with weak volume in the last two sessions of trading.
Crude-oil futures posted a slight gain, ending the week with more than $2 a barrel higher.According to the chart, we can see that the crude Oil didn't break the bottom of the channel.
NTAP on Wednesday after the market close reported that its fourth-quarter net income dropped more than 6 percent to $59.2 million, or 15 cents a share, that compares to a net income of $63.4 million, or 16 cents a share, in the same period last year, Looking ahead, the company expects first-quarter earnings to be 13 cents to 16 cents a share, with a 2 percent to 4 percent growth in revenue. According to chart above we can see some bounce after the earnings report, but it's still trading in a short downtrend, so $34 can be a problematic resistance to break.
During this week PCLN stock have demonstrated very strength in the upside movements and breaking out of a Bull flag pattern that it had formed since the start of May with a very good volume. Bull flag is a sharp, strong volume rally on a positive fundamental development, several days of sideways to lower price action on much weaker volume followed by a second, sharp rally to new highs on strong volume.
That's All. Have a great weekend and a great week of business.
AC
That's All. Have a great weekend and a great week of business.
AC
