CLF, XCO, CEC, RAVN - Stock Charts to Watch
Charts of the Day video for Tue October 9th 2012
The stock market had a treacherous day on Tuesday, and, in fact, may be going lower. So, we’ll go over some longs and shorts to see what may lay ahead for them.
Cliffs Natural Resources Inc. (CLF) has an interesting pattern. This stock has gone from over the 100 range all the way back in 2011, down to the 32.25 zone in September. It’s lost 68% of its value. It has a left shoulder-head-right shoulder bottoming-type pattern. It had big volume on the spike up, it pulled back on low volume, and then spiked the last two days on increase in volume. On Tuesday, it was up 1.74 to 42.33, or 4.3%, on 12.8 million shares. At this point, look for a test of the 46-47 zone, followed by a move potentially up around 52-54.
EXCO Resources Inc. (XCO) popped out, we put a swing trade on it, it backed off, and now it’s coming on again. On Tuesday, it was up 23 cents to 8.56, or 3.38%, on 5.6 million shares. Look for something up around 9-9.25 short-term, and then maybe as high as 11 intermediate-term.
Stocks on the Short Side…
CEC Entertainment Inc. (CEC) rolled over in March-April, got smacked, rolled over again, created a down channel, formed a bear wedge of sorts with two-wave corrective, it failed. It slowly rolled over, broke its support, and rallied back up to almost 30 on Tuesday. If it fails here, it could drop to the mid 20’s.
Raven Industries Inc. (RAVN) ran up and formed a wedge around the 30-31 zone, and rolled over to 28 on Tuesday. This is a key area, and if broken, it could lead to 25, and then 23.
Other stocks in our Charts of the Day are Affymax, Inc. (AFFY), BSD Medical Corp. (BSDM), FAB Universal Corp. (FU), GameStop Corp. (GME), REEDS, Inc. (REED), and Spectrum Brands Holdings, Inc. (SPB).
Stocks on the short side include Big Lots Inc. (BIG), Con-way Inc. (CNW), CARBO Ceramics Inc. (CRR), Deckers Outdoor Corp. (DECK), Forward Air Corp. (FWRD), and Lincoln Electric Holdings Inc. (LECO).