TradingMarkets Chart of the Day
This week in Chart of the Day we have been focusing on stocks
that are pulling back, both to the long and the short side. Today let’s
take a look at the
Pullback from Lows scan that can be found on the
Indicators
page. TradingMarkets.com uses a proprietary mathematical model to identify
up to 20 (in strong or choppy markets there will be fewer) weak stocks that have
pulled back from recent lows. These stocks should be considered potential
candidates to resume their longer-term downtrends.
Haliburton
(
HAL |
Quote |
Chart |
News |
PowerRating) has
been in a confirmed downtrend since around the middle of July. This stock
is trading below both its 50 and 200-day
moving averages,
strengthening the weight of the trend. HAL has been pulling back to the
200-day MA over the last two weeks, so expect for price to resume its downtrend,
unless it breaks through its 200-day MA. A break through the MA would
indicate a strong move, as the buying would need to be heavy to push this one
over its average. Resistance should be tough here, though, so expect HAL
to fall a little in the coming days.
Keep checking back for new strategies and indicators at Chart
of the Day. In the next few weeks we will examine all of the strategies
found on the Indicator page, letting you learn and choose what works best for
you.
Have fun trading!
John Patrick Lee