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Wednesday, March 14, 2012 

Setups Worth Watching

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Abercrombie & Fitch Co.(NYSE:ANF) - The stock finally broke out today after consolidating in rounding bottom formation over the last four months. The stock is expected to find its first resistance at 55.28, and a rise through could take it to the next resistance level of 56.84. We saw significant option activity on march calls today.

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Exxon Mobil Corporation (NYSE:XOM) is trading in a range between 87.50 and 83 for several weeks. As long as 83 support holds, the price action in the range could be treated as consolidation of the uptrend. On the other side, a breakdown below 83 will indicate that lengthier correction of uptrend is underway, then deeper decline could be seen to 82 area.

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WellPoint, Inc. (NYSE:WLP) - A break above the 68 level would give the stock momentum for a run to test the 70. A pullback to the 66 area would also be a great oportunity to buy on pullback for those who want to trade the swings.

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LSI Corporation (NYSE:LSI) broke out to all time highs accompained by a strong volume suggesting higher levels. The stock hit a high of $9.20 which is now resistance for Thursday’s follow through move.

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Sirius XM Radio Inc (NASDAQ:SIRI) - Looking for a rebound on this dip to support area. Decreasing volume in a pullback, as we are seeing here, signals profit taking instead of fresh selling. In other words, the stock just needs to shake the weak longs before climbing further, thereby staying in an uptrend.
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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 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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