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May 18, 2006
First Data, Merck and Energizer
First Data (FDC) firms near trendline support and broken resistance (gray oval). The broader market was weak the last two days, but FDC held firm and this shows relative strength. Also notice that upside volume was strong yesterday (blue oval)
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Merck looks in trouble with a rising wedge and high volume decline. The stock broke support with a gap down and high volume decline in April. The current advance traced out a bearish rising wedge and is meeting resistance in the gap zone. A move below 33.8 would signal a continuation lower.
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Energizer (ENR) is bucking the trend with three straight advances. The stock declined to support around 49 and firmed over the last few weeks. There was a high volume advance in late April, but the stock pulled back to support in May. The stock is once again bouncing on good volume. This is pretty impressive in the face of broad market weakness.
Posted by Arthur B. Hill at May 18, 2006 07:50 AM