Don't Ignore This Chart

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About this blog: The blog contains daily articles with intriguing or unusual charts selected by one of our Senior Technical Analysts, along with a short explanation of what exactly caught their attention and why they believe the chart is worth noting.

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Don't Ignore This Chart

Diamonds For Christmas? How About Diamond Offshore (DO)

by Greg Schnell

Diamonds are always popular this year. Perhaps its time to think about a relationship with the unloved energy services sector. Diamond Offshore Drilling (DO) has broken above a beautiful head/shoulders base this week. The SCTR has soared above 70, the relative strength has broken to new 9 month highs and the MACD has recently pulled back to reset at the zero line and just started to turn up. I also covered a lot of other Oil Services stocks on the Commodities Countdown with Greg Schnell 2017-12-21. It looks like the Oil Services could kick off the new year with a Read More 

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Schlumberger Ends Downtrend, Now Looks To Confirm Price Breakout

by Tom Bowley

The energy ETF (XLE) has been blistering hot this week and today its three largest holdings - Exxon Mobil (XOM at 23%), Chevron Corp (CVX at 17%) and Schlumberger (SLB at 7%) - all had some form of a breakout.  XOM surged to its highest close since January.  CVX closed at its all-time high.  And finally, SLB broke a serious downtrend and looks to clear overhead price resistance.  Check out SLB's chart: Look for a bit of hesitation as SLB approaches the 69.50 area, but accumulation appears to be taking place as SLB has risen over the past couple months with volume Read More 

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Amgen Goes for a Pennant Break

by Arthur Hill

Amgen (AMGN) is one of these stocks that is leading year-to-date, but lagging over the last three months. Year-to-date, the stock is up around 25% and the S&P 500 SPDR is up around 22%. Over the last three months, the stock is down around 4% and the S&P 500 SPDR is up around 7.5%. It has been a rough quarter for Amgen, but the overall chart looks bullish and the recent correction may be ending. AMGN hit a new high with a big surge in September and then fell all the way back to the August low in November. The stock ultimately held this low and the 50-day EMA remained above the Read More 

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Halliburton (HAL) Heads For Higher Ground

by Greg Schnell

Halliburton has been basing for a few months now. Today, Halliburton climbed out of the valley and started rising higher. With the price action searching for higher ground, the stock is also starting to outperform on the SCTR. This is the first time the SCTR has moved above 50 in 9-months. The Relative Strength to the $SPX is trying to move above a downtrend. The price action is very bullish, as it has broken through resistance and breaking to $46. Volume has been heavy most of December and the MACD is trending up with the two lines separated. A look across other Read More 

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Analog Devices Turns at Key Retracement Zone

by Arthur Hill

There is a certain ebb and flow in an uptrend where the advances consistently outpace the pullbacks. Think of it as two steps forward and one step backward. The chart for Analog Devices (ADI) shows a big move to new highs from August to November and then a 50-62% retracement with the decline back to the 84 area. The move to new highs represents the two steps forward and the retracement represents the one step backward. It looks like the step backward is ending because ADI broke above the 50-day EMA with a two day surge and MACD moved above its signal line.  Read More 

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Teekay LNG Partners (TGP) Imports A New High

by Greg Schnell

Teekay LNG Partners (TGP) Broke out to new two year highs this week. This marked the highest close in two years when the week settled out. The chart has all kinds of bullish technical signals. The RSI has a bull market pattern of staying above 40. The Relative Strength broke out to new multi-month highs.  Price action has been consolidating nicely and this week marks a definitive breakout. Volume expanded by 30% on the breakout and the MACD just gave a bullish cross above zero. Holding above $19.00, this chart looks like a nice breakout. Good trading, Greg Schnell, CMT Read More 

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Did Mylan's Shooting Star Candle Mark A Near-Term Top?

by Tom Bowley

We'll soon find out.  But, as a short-term trader, I'd have sold Mylan (MYL) into the close today.  A close above 40.09 on heavy volume would confirm a breakout.  Today, MYL hit 41.59 intraday, but fell all the way back to close at 40.01 as it failed to hold its breakout into the close.  Given that nearly 20 million shares changed hands - one of the heaviest volume days of 2017 - that false breakout, reversal and long tail to the upside is quite ominous.  The rising 20 day EMA looks like a short-term target to the downside: It certainly had the prerequisite Read More 

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What a Difference a Month Makes for Sector Performance

by Arthur Hill

The two sector Performance charts below show a rather dramatic shift in market leadership over the last two months. First, note that these PerfCharts are using the nine equal-weight sector ETFs. In contrast to the cap-weighted sector SPDRs, these equal-weight ETFs provide us with a performance picture for the "average" stock in the sector. The top PerfChart shows performance from October 12th to November 10th. Notice that technology (magenta) and energy (teal) are the clear leaders with the biggest gains (black arrows). In contrast, the consumer discretionary and finance sectors were down Read More 

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Freeport McMoRan (FCX) Solders A New 9-Month High

by Greg Schnell

Freeport McMoRan (FCX) hit new 9-month closing highs today. As a miner of Copper and Gold, the strong price action in the face of weakness in the underlying metals is a very bullish trait. When the stock is outperforming the base metal, that can be a very good signal. The last panel shows a breakout on FCX compared to Copper. The second last panel shows FCX compared to Gold. The last two big thrusts in the stock have broken relative performance trend lines. The SCTR is moving above 75 which suggests strong price action. The relative strength in purple to Read More 

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Ingersoll-Rand Surges off Support

by Arthur Hill

Ingersoll-Rand (IR) is showing renewed signs of life with a surge off support and two mini breakouts. Note that IR is part of the industrials sector and this sector is showing upside leadership with a 52-week high recently. First and foremost, Ingersoll-Rand is in a long-term uptrend with a 52-week high in October and a positive PPO(50,200,0). Note that the PPO(50,200,0) is positive when the 50-day EMA is above the 200-day EMA.  The stock fell quite hard from late October to mid November, but managed to find support near the August low and firmed into Read More 

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