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Monday, January 12, 2009 

Top picks for Tuesday - Monsanto and Trinity Industries

Chart courtesy of www.stockcharts.com ( click to enlarge )

MON - After a gap and high volume surge above resistance, Monsanto shares settled back down with a falling wedge. These are corrective patterns designed to alleviate an overbought situation. With a falling wedge I look for a break in the upper trendline. If it breaks especialy with heavy volume, then bullish confirmation is confirmed. This means there is more upside and I think this is quite likely. Things to focus on technical chart is the huge spike in volume on Wednesday. It marked the end of the downtrend and the beginning of a new uptrend.

Chart courtesy of www.stockcharts.com ( click to enlarge )

TRN - The short-term outlook for the stock is bearish. In the last trading session, the stock broke through its 50-day moving average and closed down $1,10 at $14.70. The technical daily chart is showing a slightly bearish bias. The MACD had just cut below its signal line. RSI is now below 50 and +DI crossed below –DI. Therefore, I am establishing a support zone around 14-14.10 for the stock and will expect a bounce or consolidation in this area. A break below the support at 14 will open the way for a further move lower to 13.13 and potentially as far as the defended 12.

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 Folks. See you tomorrow !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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