Timken (TKR), has been a local favorite, just down the road a ways in Canton by the Pro Football Hall of Fame. They make the stuff you need to make stuff. Not little stuff, but big stuff like locomotives, helicopters and the like. But what really interests me is the chart. There is a slowly rising wedge on the weekly chart below that is holding at the top rail. As it sits there, the Relative Strength Index (RSI) is bullish and rising; the Moving Average Convergence Divergence indicator (MACD) is turning back up on the signal line and about to cross, with the histogram flirting with a move to positive.
Timken, TKR
These support a push higher. But a glance lower at the Accumulation/distribution shows steady accumulation since the bottom in 2009. There has been no letting up. A move over the top of the rail and the bull flag consolidation of the last 5 weeks carries a Measured Move higher to 65 initially.
There are several ways to play it. I took some September 60 Calls. This was perhaps a bit premature for a defined risk trade, and also traded long stock with a collar.
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.
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Its Time For Timken
Published 06/11/2013, 01:32 AM
Updated 05/14/2017, 06:45 AM
Its Time For Timken
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