Changing Channels
The Nasdaq futures have made quite an intraday move. They have
been trending up in a channel all day.
But, as I write this, I am watching them collapse. There was a
quick surge down in the Nasdaq futures. It may have been just a flush out, but
we will not know until they rebound.
Today’s Tech Watchlist:Â
(
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PowerRating),
(
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PowerRating)
Bisys
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PowerRating) has been
consolidating near its highs for the last few days. After rallying somewhat it
entered a trading range between roughly 75 and 83. Set your alerts near these
respective levels and look for a breakout from the consolidation pattern.
Ideally, any move will be backed by volume, to confirm it and give it strength.
The Level-3 Holding Group
(
LLL |
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PowerRating) has formed a cup formation in over the last
few months. Currently, it also finds itself consolidation near its highs. Watch
for a move above the near-term high to offer a long opportunity. This stock
makes somewhat large intraday moves, so use a five-minute chart to find an entry
should you choose to open a position.
Many stocks which have held up lately are consolidating near their highs,
waiting for a catalyst to move them higher.
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Until later,Â