Stock Picks and Trade Ideas for Tuesday - ITT, GIFI, TRN
Chart courtesy of stockcharts ( click to enlarge )Trinty looks like it is trading in a bull pennant with volume contracting as it consolidates. These patterns generally resolve to the upside as continuation patterns, so I am looking at a break of the recent narrow range candles as a potential signal that the uptrend is resuming. A breakout from the bull pennant should mark the beginning of the next leg up. It is still looking quite bullish overall.
GIFI - The stock continues losing ground. Any close below $38.52 for me will mean that this bear market has started for GIFI. In addition, MACD is very weak, heading for zero with falling rally, downside pressure could intensify at any time. So a close below $38.52 would be our next important signal to watch for.
ITT is pulling back after recent strong move up. If it does not catch support here on its 20 day moving average, look for support at the $63.86 level. The technical daily chart above shows that MACD fast line has fallen below slow line which could mean that this stock is losing momentum. Overall still bullish, but negative momentum is on the rise. Stay tuned on ITT Industries.
Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.
That's All. See you tomorrow !!!
AC
