Atwood Oceanics Inc (NYSE:ATW)
Atwood Oceanics is consolidating the move higher off of the double bottom near 45. After a shallow pullback it turned higher Friday again, but met resistance. The Relative Strength Index (RSI) is bullish and rising and the MACD is moving up, both supporting more upward price action.
Baidu Inc (NASDAQ:BIDU),
Baidu, is pressing on support at 147, this time from a lower high. Some may call it a complex Head and Shoulders, but what ever it is a break lower is bearish. The RSI turning down again prior to breaking the mid line and the MACD failing to cross up and moving back lower seal the deal for the set up.
Berkshire Hathaway Inc (BRKa)
Berkshire Hathaway broke a symmetrical triangle lower to start February, but that failed and it moved up to consolidation between 122.50 and 125. The RSI is pulling back but bullish while the MACD is falling. Watch for a break of consolidation.
Costco Wholesale Corporation (NASDAQ:COST)
Costco is continuing lower toward the prior support area at 110. The RSI is bearish and falling while the MACD is also moving lower, both supporting the continued downside case.
Unilever (ULVR.LSE)
Unilever broke higher in a very quick move two weeks ago. It retraced 20% of that move last week as the RSI fell and the MACD topped and started to roll down. It has gaps to fill below and is extended from the Simple Moving Averages (SMA), something that it has not been able to sustain for long in the past.
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, moving into next week sees the equity markets continuing to look weak. Elsewhere look for Gold to move higher with Crude Oil in the short term. The US Dollar Index and US Treasuries are also biased to the upside with a chance that treasuries just churn their wheels sideways. The Shanghai Composite is poised to consolidate in the downtrend while Emerging Markets are biased to the downside in the short run after a strong move higher. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves lower last week. Their charts do not share the upside optimism in the short run with the SPY the strongest pulling back near support, the IWM next at support but weak and the QQQ looking lower in the short run. The longer view is similar with the SPY the strongest and consolidating while the IWM is at support and the QQQ moving lower. Use this information as you prepare for the coming week, and trad’em 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.