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.
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.
Phillips Van Heusen (PVH) chart may be interpreted in several ways, but they are all bearish. Firstly, PVH completed a 10 month rising wedge on 21st of January (in blue). PVH made a throwback into the pattern but turned away after a couple of weeks and moved decidedly lower. Implied target for this pattern is $87.
Second point of view is that PVH is constructing a double top formation with a neckline at 114 which has yet to be broken. Implied target for this pattern is $93.
Finally we can also interpret the chart as an 8-months Head & Shoulders pattern with a weak right shoulder. Implied target is also $93.
Take your pick !
Universal Health Services (UHS) is on an uptrend that started 5 years ago. Lately, UHS is forming a 5 months symmetrical Head & Shoulders top with 77 as the make or break level. Implied target is $69
Carter’s Inc (CRI) completed an 8 months Head & Shoulders top. Implied target is $56. Stop loss @ 67.30
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Waste Connections (WCN) is about to complete a 7 months symmetrical Head & shoulders top. A close below 41 is needed to complete the pattern. Implied target is $36.