| Technical Analysis $CRX ABX GG TSN IP Broader Market Update |
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| Sunday, February 11, 2007 |
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Weekend Update - Broader Market, $CRX, ABX, GG, TSN, & IP
Broader Market Update
The broader market is down for the month of February. $SPX Declined so far -0.01% this month,NASDAQ Declined so far -0.17% this month, $INDU Declined so far -0.32% this month, QQQQ Declined so far -0.52% this month, PPH Declined so far -0.53% this month,$OEX Declined so far -0.53% this month. The utilities are the best performing index, with the HHH coming in a second with a gain of 2.18%. Then rest of the sectors are up a bout 1%. This is pretty much a flat market so far. Consequently, we need the market to move in some direction or another to get clarity. Please refer to the market carpet. However, the market looks healthy, and sectors and sub sectors are just below their 52 week highs. This is primarily due to the fact that most sectors were consolidating last year and so now it does not take much to take get a bunch of 52 week highs. Even though the broader market has basically flat lined for the last 10 days, you can see that despite this, many of our stocks are doing great and outperforming the market. Please refer to the market carpet.
Morgan Stanley Commodity Related Equity Index stocks ($CRX) - Weekly Chart - Ascending Triangle Pattern
The Weekly Chart illustrates that the $CRX has spent a year consolidating in an ABC move down to the uptrend line in a wave 3 to wave 4 pullback off the highs to form an ascending triangle pattern. It is now on the verge of a breakout of the triangle. In addition, you can see that after the latest lows were placed at 516.38, the moving averages had a triple moving average crossover and the averages have been trading in a bullish fan ever since then. The indicators and oscillators are also in a 123 bullish trend reversal, and are showing bullish divergence. Upon breakout the $CRX will be in a bullish 5th wave up move. Looks good!
Barrick Gold Corp. (ABX) - Daily Chart - Symmetrical Triangle Breakout - Optionable
The daily chart of ABX illustrates that it has broken out of a bullish contracting symmetrical triangle. In addition, it has completed it's counter trend, wave 3 to wave 4 correction on the daily chart. ABX is now trading above is its moving averages, which are also trading in a bullish fan. You can see that a bullish triple moving average cross occurred in the middle of January. You can also see that volume has been steadily increasing as the price moves up. It is just a few dollars away from it's previous new 52 week highs. This is a sign of renewed leadership for ABX. The indicators and oscillators are in a 123 bullish trend reversal and showing bullish divergence. This is the beginning of a 5th wave move up for ABX. However, this does not mean that it won't back test the breakout line.
Goldcorp, Inc. (GG) - Weekly Chart- Falling wedge with larger Ascending Triangle Pattern - Gold- Optionable
GG is a medium risk Gold play. This is my favorite gold play. It is a component of the $CRX. GG is in a bullish ascending triangle pattern. Within this pattern is a smaller bullish falling wedge pattern. Within the falling wedge, you can also see a text book ABC pullback to the longer term uptrend line. Furthermore, you can see the bullish cross of the moving averages which will likely turn into a bullish fan in time. The Aroon indicator just had a 1-2-3 bullish cross, and the rest of the indicators and oscillators are bullish and moving up along with price. GG is an investor trade, meaning that it is meant to be held for 6+ months or until price target is reached at $44.00. I don't recommend over trading this stock. Please read Dr. Janice's The Man in the Green Bathrobe. GG is doing what it is supposed to do.
Tyson Foods Inc. CL A - (TSN) - Monthly Chart - Symmetrical Triangle Breakout - Optionable
Is also a component of the $CRX. The monthly chart of TSN illustrates that it is breaking out of a bullish contracting symmetrical triangle. In addition, it has completed it's counter trend, wave 3 to wave 4 correction on the daily chart. TSN is now trading above is its moving averages, which are also trading in a bullish fan. You can see that a bullish triple moving average cross occurred in the middle of January. You can also see that volume has been steadily increasing as the price moves up, and massive volume is confirming the breakout. It is just a few dollars away from it's previous new 52 week highs. This is a sign of renewed leadership for TSN. The indicators and oscillators have bottomed and are oversold. This is the beginning of a 5th wave move up for TSN.
International Paper Co. - Monthly Chart -Massive Symmetrical Triangle -Optionable
Is another commodity related stock. You can see that it is on the verge of breaking the long term downtrend line of a massive symmetrical triangle. It is going on up. The Aroon just had a bullish cross and the indicators and oscillators are in a bullish trend reversal.
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Edited by
Andrea Victoria Friend aka Daisy
Editorial Assistant for Trending123.com
daisy@trending123.com
$SPX Declined so far -0.01% this month
NASDAQ Declined so far -0.17% this month
$INDU Declined so far -0.32% this month
QQQQ Declined so far -0.52% this month
PPH Declined so far -0.53% this month
$OEX Declined so far -0.53% this month
$UTIL Advanced so far 4.18% this month
HHH Advanced so far 2.18% this month
$MID Advanced so far 1.44% this month
$XAU Advanced so far 1.27% this month
OIH Advanced so far 1.22% this month
$HUI Advanced so far 1.21% this month
$SML Advanced so far 0.87% this month
$CRX Advanced so far 0.82% this month
SMH Advanced so far 0.41% this month
$BKX Advanced so far 0.24% this month
BBH Advanced so far 0.16% this month
$TRAN Advanced so far 0.05% this month
PORTFOLIO TABLE THIS MONTH
$CRX
$CRX--CLICK CHART
ABX
GG
TSN
IP
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