Apr 2 Prep

In Long Setups, Short Setups on April 1, 2013 at 7:37 pm

Tonight’s chart review validated my earlier observation that there seems to be plenty of weakness among individual stocks. As a result, I was unable to identify many compelling long setups. This leads me to believe that the market is vulnerable to a bigger sell-off in the near term.

LONG Setups:

  • SODA – strong move through 50 on good volume, expecting continuation
  • CF – remains very oversold with a small bullish reversal today managing to claw its way back and close over 190, expecting a bigger bounce soon
  • MPC – another mini bullish reversal, with a close over 20dma, but the daily chart is still looking overbought and in this market that it means this is a vulnerable setup
  • LIFE – narrow consolidation within a bear flag, expecting range expansion to the upside through 65
  • THRX – bullish consolidation and constructive action right above 200dma, expecting a move toward 25 and beyond

SHORT Setups:

  • ISRG – rolling over after getting rejected at the 500 level, expecting pullback to the 470 area
  • GS – topping pattern with support around 145. Should this level fail, 140 is the next support
  • CIE – bearish reversal on higher volume, expecting pullback to 20dma
  • JBL – bearish reversal on higher volume, likely downside to 17
  • RAX – bearish consolidation pattern, likely move to 47.50
  • UTHR – bearish reversal within a bearish consolidation pattern under 20dma, likely pullback to 50dma
  • WFM – coming out of the bearish consolidation pattern, next support in the 83-84 area
  • LPX – topping pattern with a close under 50dma on higher volume, next support is around 20
  • TSO – topping pattern with a close under 20dma on higher volume, next support around 55 and then 50dma
  • LNKD – possible H-S pattern on daily chart with a neckline in the 170-171 area. should this line fail, likely downside to 160

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