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June 21, 2005
Notable Charts 050621
CDN - Cadence Design Sys broke rising wedge support, but firmed over the last few weeks with a trading range. The gap two days ago and resistance challenge are impressive. Watch for a move above 14.5 for a breakout and a move below 13.5 for serious weakness.
CL - Consumer Staple stock Colgate Palmolive got a gap and big bounce off support with good volume. This opens the door to a resistance challenge at 55 and it would take a move below 48 to turn bearish.
DDS - Dillards recovered after the big gap down, but upside volume was relatively light on the way up and volume has started to increase as the stock declined the last few days. Unless the stock can break above 26, I expect lower prices.
IPS - Ipsco has a lot of resistance just below 55 and recently gapped lower on high volume. As long as this gap remains unfilled, I will treat it as a bearish breakaway and expect lower prices as long as key resistance at 55 holds.
MMM - 3M holds an important key to the Dow. The stock has been consolidating the last few weeks. Watch 79.25 up and 75 down.
RCII - Rent-A-Center formed a triangle over the last few weeks and a move below 23 would signal a continuation of the prior decline.
RDWR - Radware recovered from a gap down and support break in late April. The stock advanced in the first part of May, but peaked in mid May and has underperformed the Nasdaq since mid May. Downside volume is starting to increase and this stock looks headed lower. A move above 24 would suggest otherwise.
TKR - Timken has a ton of support around 23 and surged over the last five days. Volume increased over the last two and the gap off support is bullish unless proven otherwise with a move below the June low. The upside target is 29-30.
Posted by Arthur B. Hill at June 21, 2005 07:24 AM