Long Focus:
DVN: Broke out of a daily consolidation yesterday, and is in the energy group so it should be followed. Key support level will be the prior days high of 90.47 which lines up nicely with S1 of 90.49.
- Trade OR Breakouts over S1, 90.49, and preferably over the FTP, 91.00.
- Trade OR reversals over S1, 90.49. See comments above. There is also good intra-day support around 90.85 so watch for an OR low that lines up there.
URBN: Closed strong and breaking out of daily consolidation yesterday, but it does have resistance of a major swing high area from 38.50-39.00 from Dec. 2010 and more resistance from highs in April of 2010. Key areas from that period are 39.50 and 40.80.
- Trade OR breakouts over FTP, 38.06 which lines up with an intra-day support area of 37.90 – 38.05.
- Trade OR Reversals over S1, 37.73 which lines up with the intra-day breakout yesterday. However I’d be cautious below the 37.90 level because it will be coming down after taking out the daily consolidation. So I’d prefer an OR low over the 37.90.
Other Interesting Long Charts: NKE, APA, HES, DVN, BID, GMCR, FTI, ROST, ARUN, NBL, GRMN, JNPR, NKE, XLE, UHS,
Short Focus:
EQIX: This is sitting right on the 50 and 200 daily MA’s and looks like it could fall hard if it starts down. I’d only be a seller below the FTP. The FTP lines up with an area from which it broke down intra-day yesterday, 86.88, and the low of the prior day, 80.77 so I’d like a stop that is above that area. A key level on the down side are yesterday’s low, 85.92, and the recent daily swing low of 84.89.
- Trade OR breakdowns below the FTP 86.88.
- Trade OR reversals below the FTP 86.88.
CMI: Closed weak yesterday and has not rallied with the market. An important daily resistance level ise the prior day’s low of 101.25. There is daily support at 99.51 and 97.20.
- Trade OR breakdowns below FTP, 101.91. There is important intraday resistance from 101.60 up to 102.30 and the high end of the daily pivot range is 102.30. I’d prefer the breakdown to be below yesterday’s low, 100.80.
- Trade OR Reversals below R1, 103.03 which lines up with the intra-day resistance and the area from which it had its OR breakdown yesterday.
Other short charts of interest: CCJ, EQIX, SHW, LVS, GS, COH, TIF, MON, FCX, PCAR, BRCM, AKAM, AMZN
