Thursday, August 9, 2012

Wed, Aug 8 charts: BK, HAL, TWX

Today's charts are of stocks that hail from the S&P-100 index. The first security, Bank of New York Mellon Corp (BK), is tentatively suggesting a break through the resistance side of a well-defined, two-year price channel. Potentially adding significance to the price channel is that a parallel trendline (the middle of the three lines in the screenshot below) coincides with a number of local price extremes within the broader channel. For the bullish case to grow strong, price action would have to exceed about $23 in the next few days and ideally close near or above that level on high volume.

BK. December 2009 to present. Daily candles.

Halliburton (HAL) is likewise flirting with the resistance side of a price channel -- although one that is only minimally defined (consisting of only 3 points). That said, price action over the past month has been extremely bullish, and a rise over about $35 would suggest a near-term continuation of that bullish trend.

HAL. Nov 21, 2011 to present. Hourly candles.

Time Warner (TWX) has been strongly rallying over the last two months, and the past week has seen price action meet -- and the exceed -- a minimally-defined price channel (as with the case of HAL above, a minimally-defined price channel is formed by only three points). Volume on the ascent has been increasing.

TWX. May 24, 2012 to present. Hourly candles.

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