| Chart Patterns CEPH FRK NGPS |
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| Wednesday, April 18, 2007 |
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Setups Update - FRK, NGPS, & CEPH
Florida Rock Industries Inc. (FRK)- Daily Chart
FRK is a cement play. On the daily chart, you can see that FRK has formed a falling wedge pattern. Furthermore, it has broken out of the wedge and has backtested the breakout line, which is bullish action. FRK is also a failed topping pattern. A very large one at that. Currently FRK hit support at $48.65 and then had a huge rally today. Once it breaks above $55.00 we should start to see more momentum. The next resistance level is at $56.00. In addition, you can see that volume comes in at the lows to support the stock. Indicators and oscillators are bullish and starting to reverse up. The weekly chart looks very bullish. Indicators are bottoming and look to reverse to the upside and the stock is at support. However, FRK does report earnings this week so be cautious.
NovAtel, Inc. (NGPS) - Daily chart
NGPS is also a failed topping pattern. The daily chart shows NGPS forming an ascending triangle pattern. It is a buy at $30.00. The price target s $37.00. On the daily chart you can see that the stochastics and the PPO are bullish. This is a good short term set up.
Cephalon, Inc. (CEPH) Daily chart
On the daily chart, you can see that CEPH has been forming a bull flag. It is a bullish counter trend move pulling back off the highs. I am issuing a buy alert here for a swing trade. The breakout for CEPH is above the downtrend line of the bull flag. On the weekly chart, CEPH is in a Slim Jim pattern. New all time highs will be above $80.00 where there will no overhead resistance.
FRK--CURRENT PORTFOLIO PLAY AND DOES REPORT TODAY
NGPS--CURRENT PORTFOLIO PLAY
ADDING TO PORTFOLIO TABLE
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