NO Randa

 

Noranda Aluminum Holding (NOR) completed a 4 months Double Bottom, but the neckline area at 3.12 is interesting. This zone has been touched twice before as support so it now should act as resistance. To make it more significant the 200 moving average is almost close by at 3.22. In this particular case and to be conservative I would let the 200MA serve as the barrier and the point of declaration that its breaking out. NOR has been on a downtrend since May 2011, will year 2014 witness the turnaround? Initial target is $4.2

nor

 


Midstates Petroleum Base

Midstates Petroleum (MPO) has almost completed a 8-months H&S bottom with a neckline at 6.62. This may well be a reversal pattern as MPO has been in a downtrend since its iPO last year.

On a different note, ebook requests are open for the next hour only. Send me any trade related books (with an amazon link) you want on theartofchart@gmail.com and i will send it to you FREE in ebook form (pdf/epub) by the end of the week (IF i have it).

 

 

 

mpo


Even ETFs Are Celebrating Xmas

Now how interesting is that; the Leisure & Entertainment etf (PEJ) completed a 6 weeks continuation rectangle after breaking through 33.50. Implied target is $35

pej

 

On a side note I have a a lot of trading books as PDFs & EPUBs that I would like to share this Xmas. I will accept book requests for 30 minutes and (try) to email ebooks by the end of the week. One ebook request/person. If you do not get your ebook by Dec 31st its because I do not have it. I will announce the start of the requests in a post early this week. All you have to do is:

1- Subscribe with your email on the right to make sure you are notified of the post that will start the requests.

2- Send me your request with an amazon link of the book at theartofchart@gmail.com within 30 minutes of the post going live.

Have a Joyous Xmas & A Profitable 2014 !


Gold Stocks Outshining Gold

After Gold touched a new low yesterday at least in (GLD) Etf, i thought of looking at which gold stocks are not registering new lows and are outperforming the yellow metal. I filtered gold stocks according to top 5 highest market cap and 2 stock stood out: Barrick Gold (ABX) & Franco Nevada (FNV)

goldstocks


A Guide To American Houses

Now that the FED is out of the way, lets look at a couple of related ETFs, first up is Homebuilders etf (XHB).

Note the bull trap last month. Now its possible that the 6-months symmetrical triangle is close to another breakout with no bull traps (god willing). Target is $35.

xhb

Here on the Home Construction (ITB) we have a continuation H&S bottom pattern that is almost complete with a neckline at 23.90. Interestingly the right shoulder has morphed into an ascending triangle giving the pattern some more power to break out. Target is $26.50.

itb


Beware The Monster

Monster Worldwide (MWW) is almost completing a 1 year double bottom formation. A close above the neck line of $6.0 implies a target of $8.0,  a 33% increase. Will this be the stock to hold on for 2014?

 

mww


Sweet Seventeen

The 17 level has been a sweet trade for short sellers of Gencorp (GY) the past two times. As shown below below in 1987 & 2006. Each instance a double top pattern triggered the breaking of the 17 level support line. Now a 1 month H&S top completed and the 17 level has been breached. Will the short sellers enjoy their treat this time too?

 

GYm

 

 

GY