Good evening StockBandits!
With each passing day, the existing trading ranges grow more prevalent, and today certainly didn’t change that. The averages are still caught between two boundaries: the December low and high. And although those ranges are rather wide, it’s feeling more and more like this market is cornered with nowhere to go until a range break occurs. There are certainly some moves taking place within the ranges, but big-picture this looks to be a digestion phase.
For the day, the averages lost ground again, but they saw hints of resilience with a late-day lift off the low. Zooming out on the charts, that may have been attributed to the fact that the lower portions of the ranges were reached. Regardless, about all that can be said at the moment is that the indexes are very choppy and reversal-prone, which is the profile of a trading range.
Tonight in looking through many charts, there are a few candidates which grabbed my eye, but with the lack of basing of late, I’ll be sticking with single-day plays if they go. As more swing candidates surface, I’ll have them here, but the price action has been rather sloppy and that’s taking a toll on the charts of individual stocks for the most part.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
