| Chart Patterns of new and old stock setups |
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| Wednesday, April 18, 2007 |
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Nightly Update
The S&P 500 Large Cap Index (SPX)
Conceptus, Inc (CPTS)
Today the daily chart shows that it has had several days of a slim jim consolidation. However if you look at the indicators from the RSI to the PPO, you will see that price is making new highs along with the indicators. We are in a bullish trend reversal. From a technical point of view it is significant that we crossed $15.00 and closed up 3.15% at $15.40. This stock looks to move higher.
Berry Petroleum Co. (BRY)
If you look at the chart of BRY you will notice that we are in still in wave 3 because all the indicators are making new highs along with the price movement up.
Natural Gas Services Group, Inc. (NGS)
The reason I am bringing up this stock today is because I am planning on adding it to the portfolio table tomorrow after the oil report comes out. NGS is currently in a falling wedge continuation reversal pattern. On the daily chart you can see bullish divergence in the PPO which is signaling that a move up is coming. It has also shown up in the pattern scan as bullish. These type of patterns move very quickly and it is also a high beta momentum stock. Consequently I would only have a small position in this stock. Keep to allocation rules for your portfolio. Once this stock starts moving in your favor you can add more. This stock is not for the faint of heart. I will send out an alert when entry triggers.
Advanced Micro Devices, Inc. (AMD) - E-Signal Chart
I just want to point out that you cannot let software do the wave count for you. If you look at the AMD chart you can see that as the stock has advanced notice how the Macd is making new highs with what E-signal called wave 5, it tells you right there it might be wave 5 of 5 of the larger wave 3. Get it. When stocks pullback as they make higher indicator highs it typically means that the stock is in a corrective move. This chart illustrates this corrective move.
Gen-Probe, Inc. (GPRO)
It has been sneaking up slowly every day. If you look at the indicators you can see that the indicators are making higher highs along with price. That is bullish. Therefore, the stock remains poised for higher prices ahead.
$SPX--TOO EARLY FOR SHORTS
CPTS--PORTFOLIO STOCK
BRY
NGS--I WILL ADD TOMORROW "AFTER" THE OIL NUMBERS COME OUT
AMD
GPRO
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