The Nasdaq (COMPQX) has been saved today as it has almost completed a 4 months broadening top. Both the Nasdaq and Russell 2000 have a similar top. But recently the nasdaq has been the weaker index. A close below 3968, implies a target of 3,580.
A 5 months complex Head & Shoulders top is forming in JetBlue (JBLU) with neckline at 8.20, which was broken intra-day yesterday. A decisive break would imply a target of $7.
Exco Resources (XCO) completed a 5 months rectangle bottom by breaking out today with an implied target of $6.70. Stop loss @ 5.54. This may well be a reversal as this stock has been on a downtrend for the last 4 years.
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Dollar stores big shots Dollar General (DG) & Dollar Tree (DLTR) are displaying similar chart patterns as of late. First up, DG. The stock is currently on support level 55. The level was once a resistance point in 2012. A break of the 55 level completes the 7 months Head & Shoulders formation and implies a target of $48.
Meanwhile, DLTR despite registering a new ever high last year, failed to follow through, signaling weakness. As it stands now, DLTR is forming a 9 months Head & Shoulders, with 49.50 as the neck line which is the same neck line as the small H&S formation of 2012. A completion of the pattern would imply a conservative target at the gap of 2013 around $42.
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Financial Engines (FNGN) is almost completing a clean 7 months Head & Shoulders top. Neck line at 51. A break of the neck line will imply a target of $32.
General Motors (GM) is also close to completing an 8 months Head & Shoulders top with a neck line at 33.50. A break will imply a target of $25.50.