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June 16, 2005
Notable Charts 050616
***Bearish*** Air Products (APD) sports a bearish pattern. After the Mar-Apr decline, the stock formed a rising wedge that retraced (surprise, surprise) 62%. The pattern and the retracement are classic for corrective advances. The stock has stalled over the last few weeks and declined on high volume yesterday. A move below 59.8 would trigger a bear signal.
***Bullish*** US Steel (X) declined from 65 to 38 and found support in mid May. The stock caught my attention with a gap up and long white candlestick on good volume yesterday (green carets). The move broke trendline resistance and further strength above 42 would break the late May high.
Posted by Arthur B. Hill at June 16, 2005 04:44 PM