Don't Ignore This Chart

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About this blog: The blog contains daily articles with intriguing or unusual charts selected by one of our Senior Technical Analysts, along with a short explanation of what exactly caught their attention and why they believe the chart is worth noting.

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Don't Ignore This Chart

Halliburton (HAL) Heads For Higher Ground

by Greg Schnell

Halliburton has been basing for a few months now. Today, Halliburton climbed out of the valley and started rising higher. With the price action searching for higher ground, the stock is also starting to outperform on the SCTR. This is the first time the SCTR has moved above 50 in 9-months. The Relative Strength to the $SPX is trying to move above a downtrend. The price action is very bullish, as it has broken through resistance and breaking to $46. Volume has been heavy most of December and the MACD is trending up with the two lines separated. A look across other Read More 

Don't Ignore This Chart

Analog Devices Turns at Key Retracement Zone

by Arthur Hill

There is a certain ebb and flow in an uptrend where the advances consistently outpace the pullbacks. Think of it as two steps forward and one step backward. The chart for Analog Devices (ADI) shows a big move to new highs from August to November and then a 50-62% retracement with the decline back to the 84 area. The move to new highs represents the two steps forward and the retracement represents the one step backward. It looks like the step backward is ending because ADI broke above the 50-day EMA with a two day surge and MACD moved above its signal line.  Read More 

Don't Ignore This Chart

Teekay LNG Partners (TGP) Imports A New High

by Greg Schnell

Teekay LNG Partners (TGP) Broke out to new two year highs this week. This marked the highest close in two years when the week settled out. The chart has all kinds of bullish technical signals. The RSI has a bull market pattern of staying above 40. The Relative Strength broke out to new multi-month highs.  Price action has been consolidating nicely and this week marks a definitive breakout. Volume expanded by 30% on the breakout and the MACD just gave a bullish cross above zero. Holding above $19.00, this chart looks like a nice breakout. Good trading, Greg Schnell, CMT Read More 

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Did Mylan's Shooting Star Candle Mark A Near-Term Top?

by Tom Bowley

We'll soon find out.  But, as a short-term trader, I'd have sold Mylan (MYL) into the close today.  A close above 40.09 on heavy volume would confirm a breakout.  Today, MYL hit 41.59 intraday, but fell all the way back to close at 40.01 as it failed to hold its breakout into the close.  Given that nearly 20 million shares changed hands - one of the heaviest volume days of 2017 - that false breakout, reversal and long tail to the upside is quite ominous.  The rising 20 day EMA looks like a short-term target to the downside: It certainly had the prerequisite Read More 

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What a Difference a Month Makes for Sector Performance

by Arthur Hill

The two sector Performance charts below show a rather dramatic shift in market leadership over the last two months. First, note that these PerfCharts are using the nine equal-weight sector ETFs. In contrast to the cap-weighted sector SPDRs, these equal-weight ETFs provide us with a performance picture for the "average" stock in the sector. The top PerfChart shows performance from October 12th to November 10th. Notice that technology (magenta) and energy (teal) are the clear leaders with the biggest gains (black arrows). In contrast, the consumer discretionary and finance sectors were down Read More 

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Freeport McMoRan (FCX) Solders A New 9-Month High

by Greg Schnell

Freeport McMoRan (FCX) hit new 9-month closing highs today. As a miner of Copper and Gold, the strong price action in the face of weakness in the underlying metals is a very bullish trait. When the stock is outperforming the base metal, that can be a very good signal. The last panel shows a breakout on FCX compared to Copper. The second last panel shows FCX compared to Gold. The last two big thrusts in the stock have broken relative performance trend lines. The SCTR is moving above 75 which suggests strong price action. The relative strength in purple to Read More 

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Ingersoll-Rand Surges off Support

by Arthur Hill

Ingersoll-Rand (IR) is showing renewed signs of life with a surge off support and two mini breakouts. Note that IR is part of the industrials sector and this sector is showing upside leadership with a 52-week high recently. First and foremost, Ingersoll-Rand is in a long-term uptrend with a 52-week high in October and a positive PPO(50,200,0). Note that the PPO(50,200,0) is positive when the 50-day EMA is above the 200-day EMA.  The stock fell quite hard from late October to mid November, but managed to find support near the August low and firmed into Read More 

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Intel Testing Key Short-Term Support

by Tom Bowley

On October 26th, Intel (INTC) posted quarterly earnings results and beat both revenue and EPS estimates.  It resulted in a very strong gap higher the next morning and then INTC continued rising, tacking on another 10% within a week.  But INTC became very overbought with an RSI above 90 and needed a pullback.  Since topping in early November, INTC has lost close to 10% and is now testing the top of gap support and its rising 50 day SMA: The RSI has fallen back into the 40s (black arrow) and that's typically a level where we see prices turn higher again in an uptrend Read More 

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The View Gets Clearer for Valeant (VRX)

by Greg Schnell

The view for Valeant (VRX) improved substantially this week as the stock broke out of a well-defined base. From a  technical analysis perspective, this is a text book breakout. The stock has based by building a one year range. The new 52-week high broke out of the base this week. The view is a little clearer now for the owner of Bausch and Lomb eye care products.  The SCTR has surged to 99. The moving averages are in the proper alignment with the 10-week moving average above the 40-week. The volume surged on the breakout which is what we want to Read More 

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Here's A Pharma Printing A Hammer After Filling Gap

by Tom Bowley

I'm constantly looking for short-term trading opportunities and Perrigo (PRGO) fits the bill.  After reporting better-than-expected results in its latest quarter, PRGO gapped up strongly and today filled its gap before finishing on a solid note to print a hammer (blue circle below) - many times a signal of a bottom after a downtrend.  Reported revenues of $1.23 billion easily exceeded expectations of $1.17 billion.  In addition, EPS of $1.39 blasted past the $1.10 consensus estimate.  Now the issue is whether PRGO can overcome a very weak Read More 

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