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Monday, March 23, 2009 

Stocks to watch next week - Monro Muffler Brake, Clayton Williams Energy and Aflac

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

AFL - Looking at the daily chart it displays a downtrend line broken to the upside with a respectable volume. Other good thing to note about the chart, is the stock price that is now above the trendline connecting the peaks from February which means that the stock is possibly out of the downward trend and RSI is now also on the Bullish area. One way to play this stock is to wait for a pullback to the 17.50 level and buy only when the stock reverses from this support.

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

CWEI - The stock had a good run in last 2 weeks, from the low of 19.37, the stock sky rocketed to 32.11, a 65% increase in price. The stock price also broke above the 20 day moving average accompanied by large volume, a sign that the sky rocketing action has credibility and is not just some result of speculations. I'm not sure if it will reverse here, but it seems like it will at least backoff and retrace to near 27.

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

MNRO broke out to all time highs !! The consolidation and compression that has been going on in the last four months is very healthy. The technical chart shows a bullish bias. The MACD had just cut above its signal line. +DI is above –DI and ADX is beginning to bottom out. While there is a chance that the stock had a false breakout, you still have to favor the underlying trend until it is proven. Nevertheless, keep this on your watchlist because the overall market sentiment on MNRO is pretty bullish.

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 on Monday !!! Have a nice weekend !!!

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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