Friday, January 15, 2010

Latest Zignals Stock Charts

The number of Stock Charts available in the Stock Chart Gallery for this week is 55. Some of the more interesting movers include:

Bank of America (BAC): The 10-week consolidation between $14.12 and $16.40 broke to the upside on January 7th. January 12th saw the start of the backtest of new support at $16.40 which held the next day. There was an additional gain for Thursday leaving the reaction low at $16.15 a good place for a stop loss. Manish4uin published his BAC chart on Monday, just after the breakout and in time for the backtest.

Skwa's Research in Motion (RIMM) chart is interesting because it shows a convergence of 20-, 40- and 150-day SMAs and 150-day EMA with price trading inside the range bounce MAs. There is also a coiling pattern forming after the sizable gap down in September. If the pattern breaks down then a measured move to $40 (March lows) is not outside the realm of possibility.

In my own RIMM notes there is a chance the coil has already broken to the upside which could see a retest of September highs at $88; to be confident of this, stiff resistance at $71.60 would have to be dispatched with aplomb.

Nidhi posted a number of charts, one of which grabbed the eye was Power Grid India (PGRID). While the break of the triangle consolidation has long since past, the angle of the uptrend, respectable buying volume and room to move to resistance, suggest there is a little more in the tank.

Another Nidhi find is NTPC DS. While it is still some way off its 2008 peak high of 291Rp, the stock has emerged from a lengthy base and appears to be firming support in the 225-230Rp range. One to watch.

Finally, George305 has picked out Yell Group (YELL). From his chart, stochastics are oversold and price is toying around 36.50p support. The trend has been sharply down from September 2008, but since the November spike low buying interest has emerged in the 35.50-36.50p range; one for UK traders to watch.

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