Friday, November 24, 2006
Trading Ideas &
Picks
General Motors Corporation - Fallen
below a medium-term trendline
GM:
General Motors Corporation has fallen below a medium-term trendline. The drop
below the ascending support will be used by technical traders to suggest that
the downward momentum may continue. The volume on the bottom of the chart has
increased since the price has moved below the support near $33.50. This spike
in volume will be used as confirmation by the bears of the expected move
lower...
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Trading Education
Tutorial
Saucer Patterns
Rare Pattern Is One of the Most Predictive
One of the most predicitive chart patterns you will come across is the saucer
pattern. Saucers are also referred to as "bowls" or even
"rounded tops or bottoms", and one look at this pattern tells where
these names are derived from. However, there is a problem with saucer patterns
- they're hard to find.
Read
More...
NASDAQ Chart of the Day
NUAN has rallied fiercely out of a key triangle pattern, but has pulled
back from recent highs. The pull-back has stalled at 38% Retracement, which
means we could see another big leg of buying soon. Watch 11.25 for another shot
at new highs.
Daily Trading Signals
NYSE Chart of the Day
AA
has broken a clear triangle consolidation to the upside at 29.20, which is
highly bullish. Look for continued strength out of this pattern.
Daily Trading Signals
Daily Market Commentary
Updated Wednesday, 11/22 for Friday's market.
|
Key DOW Levels for 11/24
|
|
UP
|
Above 12,400
|
|
DN
|
Below 12,250
|
Still Holding...
- Dow trades quietly throughout much of the day, remains within
key consolidation. The index continues to trade within the boundaries of a
clear consolidation range, which we will continue to watch closely.
- The NASDAQ and S&P each opened the day with big gains, but immediately
sold off from the day's highs. Each index eventually pushed higher to the
Close, with the NASDAQ pushing the envelope. Look for continued overall
strength above key near-term support.
Summary
The Dow closed the day highly quietly today and continues to build out within
the key consolidation pattern. Look for more range movement until a solid
breakout is seen. Continued strength should be seen above 12,250.
Read More...
