Akamai Technologie (AKAM) is breaching a triple top at 39. It has a bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence indicator (MACD) that is improving. A move over the triple top carries an initial Measured Move to 41.25 but that is well short of the current 3-box reversal Point and Figure chart (PnF) price objective at 62.
CSX (CSX)
CSX (CSX) is also reaching a triple top and the top of an ascending triangle at 23.35. A move over the top carries a price target of 27.20. The PnF price objective is higher still at 34.50. As it reaches the top it has a bullish and rising RSI and a positive MACD that both support a continued move higher.
Express Scripts (ESRX)
Express Scripts (ESRX) is heading back towards the top at 64.33 with a bullish RSI and a MACD that is beginning to improve. A move over that top creates a target of 66 next, still well short of the current PnF price objective of 76.
The Bancorp (TBBK)
The Bancorp (TBBK) is back at support/resistance at 10 after a long consolidation between 9 and 9.75. A move over 10 carries a Measured Move to 10.60 initially with a PnF price objective much higher at 17. The RSI is bullish and making a higher high with a MACD that is positive and increasing. It also has had strong volume on this last move higher.
Cimarex Energy (XEC)
Cimarex Energy (XEC) is breaking above the high made in August with a rising and bullish RSI, a MACD that is positive and growing, and increasing volume all supporting more upside. A new higher high established a price target of 66.12 on a Measured Move higher with a PnF price objective above that at 75.
Up Next: Bonus Idea.
After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Saturday which, heading into next week sees the markets looking strong but perhaps a bit extended. Gold and Crude Oil look ready to continue their moves higher with a possibility that Gold consolidates first.
The US Dollar Index and US Treasurys are poised to continue lower, with treasuries having the best chance for a bounce. The Shanghai Composite seems bound by the 50 day SMA while Emerging Markets are biased to the upside but at major resistance. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. With the moves higher, each could be forgiven if they consolidated or had a slight pullback first and their charts do have some signs of being extended on the short run. Use this information as you prepare for the coming week and trade’m well.
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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