Tue 22nd April
Stocks: some stocks that are looking like they’re getting ready to make a bullish move:
KO daily Cloud:
KO weekly Cloud:
MCD: McDonalds: Price has been consolidating on MCD since mid 2011. During this period it has been ranging between $86 and the $100 region but having trouble clearing the $100 level. It might be third time lucky this time! The stock has recently made a bullish breakout from a descending trading channel and is also trading above the daily and weekly Ichimoku Cloud. Watch for any new hold above the $100 level. MCD reports earnings before the market open today; ie before the bell April 22nd.
MCD daily Cloud:
MCD weekly Cloud:
MRK: Merck & Co:Merck broke through the $50 level earlier this year and has been consolidating a bit lately. I’m watching for any break of the $58 level as this would suggest continuation. Merck is trading above both the daily and weekly Ichimoku Cloud:
MRK daily Cloud:
MRK weekly Cloud:
MSFT: Microsoft: Keep an eye on the NASDAQ but MSFT continues to look bullish as it holds above the major $37 support. The monthly chart shows clearly how the recent close and hold above the $37 support/resistance level has been a ‘game changer’ here. MSFT is trading above the daily and weekly Cloud as well:
MSFT daily Cloud:
MSFT weekly Cloud:
NUE Nucor: Like Microsoft, this stock has broken through a major S/R level recently. NUE tested the $50 level a couple of times last year but didn’t manage to close out the year above this key level. Price is back above $50 now and looks to be consolidating around this important region and within a triangle pattern. NUE is trading above the Cloud on the daily and weekly charts so I’m on the lookout for any bullish breakout here:
NUE daily Cloud:
NUE weekly Cloud:
PEP: Pepsico: this stock has struggled twice already at the $87 level but I’m on the lookout for any new and successful attempt. Price is above both the daily and weekly Ichimoku Cloud:
PEP daily Cloud:
PEP weekly Cloud:
AA Alcoa: I have been ranting about Alcoa ever since it made the wedge breakout at $8 late last year. This continues to look bullish and the weekly and monthly charts shows, now the $11 level has been cleared, that the $18 level looks like it might be the next stop! Price is trading above the daily and weekly Ichimoku Cloud:
AA daily Cloud:
AA monthly Cloud:
ADBE: Adobe: this is one I tracked from way back when it made the triangle breakout from the $35 level last year. Price did reach up as far as $70 but been consolidating at these new highs and looks to be forming a ‘Bull Flag’. Price is above the weekly Ichimoku Cloud but below the daily Cloud. Watch trend lines here and for any move back above the daily Cloud:
ADBE daily Cloud:
ADBE weekly Cloud:
BAC: Bank of America: This stock made a bullish close above the $15 level late last year and has managed to hold above this level for now. Watch for any continued hold above the $15 level as this would suggest continuation and the monthly chart show that the $20 level looks like the next major support/resistance zone here. As for ADBE, price is above the weekly Ichimoku Cloud but below the daily Cloud so watch for any move back above the daily Cloud.
BAC daily Cloud:
BAC weekly Cloud:
MU Micron Technology: Hindsight is very clear and, as it turns out, given that the daily S&P500 and NASDAQ trend lines had not broken last week then I should not have sold this stock. I’d held it from $6 so I can’t complain too much. Price is above the weekly Cloud and popped back above the daily Cloud after yesterday’s bullish move. The weekly chart does have a bit of a ‘Bull Flag’ look to it.
I have sold Puts here but will buy stock and write Calls if it closes back above the previous highs:
YHOO daily Cloud:
YHOO weekly Cloud:
- A respect of this $20 level would suggest that the stock is just consolidating above new support and that bullish continuation may be in store. This would be akin to a ‘Bull Flag’ scenario. In that case I will resume Put selling.
- A breach of this $20 level though would suggest that the bearish H&S may develop and I’d be looking for opportunities to resume trading here but at a lower level: down near the $15 level or lower!
Tuesday April 1st;
PFE: the continued hold above the $30 level seems bullish to me.