Berlusconi Vs Borsa Italiana

The Italian stock market measured through iShares MSCI Italy Index Fund (EWI)  has been building a base for the last 2 years. As shown below EWI formed  a complex H&S bottom with a neckline at 14.63. With the pattern getting ready to breakout, Berlusconi could have not chosen a worse time to jinx the market, warn of pulling his party’s ministers last week and actually delivering on his warning this week.

Keep EWI on the watch list as its too early now to call the shots but a close below 11.54 negates the pattern and announces Berlusconi as the Winner !

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EWI Weekly

EWI Weekly


2 Warning Signs On Gasoline

United States Gasoline Fund (UGA) has celebrated valentine in February this year by rewarding the bulls with over 400% increase since 2009. Now UGA is forming a 1 year H&S Top, with 53.35 as the neck line. UGA has also been sitting comfortably on a 4 year trend line. These are warning signs, watch closely for a double bearish punch down if the H&S breaks down and the trend line does not hold. The implied target for the H&S Top is 44.

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UGA Weekly

UGA Weekly


London Whale Takes JP Morgan Diving

A 4-months H&S Top is in the making at Mr. JP Morgan (JPM). The neck line at 50.11, if broken will be significant because of the coincidence of the 200 MA. Implied target is 44.

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JPM

JPM Daily

 


SKUL Reaches Up For Some Candy

Skullcandy (SKUL) completed a 6-months bottoming consolidation by closing above the 6.10 level. Although the breakout was on 9x average volume and the stock closed above the 200 MA, there are a couple of warning signs:
1. For a measured move to the upside targeting 7.10, the reward to risk is 2 which is low. I would rather wait for a pullback to go long at a lower price.
2. There is a gap from March 8th, which usually acts as resistance.

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SKUL Daily

SKUL Daily


Chef Fills The Gap Just Right

Chef’s Warehouse (CHEF) completed a mini H&S Top by closing below the neck line at 21.85. What is interesting about the pattern is that its a perfect gap fill from 2012. Just wanted to point this out for the ones that play the gap trade.

CHEF

CHEF Daily


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Swiss Air Ready For Takeoff

The Swiss Franc is ready for takeoff after spending the last 21 months forming a narrow H&S bottom. A close above 1.10 completes the pattern and targets 1.20.

CHF, Swiss

CHF Weekly

ETF traders using (FXF) the neck line is at 109 and target is the blue gap.

FXF, CHF, Swiss Franc, Franc

FXF 2-Day