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. |
No comments:
Post a Comment