Technical Analysis of Financial Markets

Tuesday, September 23, 2008

Patterson-UTI Energy Inc. (PTEN)


Patterson-UTI Energy provides onshore contract drilling services to independent oil and natural gas operators in North America. Price action has delcined 95% within a 3-month period in a seemingly a-b-c Elliott retrace after completing a 5-wave impulse move during Jan 2008 to Jul 2008. An entrace into a buy position with a stop on close below $19.09 may serve as long-term low-risk trade.

Titanium Metals Corp. (TIE)


Industrial metals & minerals manufacturer Titanium Metals Corporation produces titanium melted and mill products. Price action has declined 300% within the last 14-month projecting a probable 5-wave Elliott formation. An entrance into a buy position with stop on close below $9.80 may serve as low-risk long term trade.

Trico Marine Services Inc. (TRMA)


Texas headquartered Trico Marine, oil & gas equipment and services provider to offshore drilling rigs has declined 170% within the last 6-month period in a probable 5-wave Elliott formation. With RSI and stochastics gaining strength, an entrance into a buy position with a stop on close below $16.16 may serve as low-risk trade towards an a-b-c price projection at the 38.2% Fibonacci extension level.

Monday, September 22, 2008

Whole Foods Market Inc. (WFMI)


Having declined 360% within a 33-month period from all-time highs projecting an Elliot a-b-c move; operator of natural and organic foods supermarkets, Whole Foods, is seemingly finding support at $17.50; -a level last seen serving as support 6 years ago. Enter short on a weekly close below $17.50 otherwise remain long.

Saturday, September 20, 2008

Thursday, September 18, 2008

Monday, September 15, 2008

Dow to 10,700 ?


The Dow is approaching the 50% Fibonacci retracement level of the 2003 to 2008 bull market.

Shaw Group, Inc. (SGR)


The Shaw Group provides engineering, design, construction and maintenance services to government and private-sector clients in a wide array of industries, including the energy, environmental, infrastructure and emergency response markets. Having declined over 85% within the last 2-month period, price action is now finding support at the $35 level which served as prior resistance on two accounts during early 2006 and 2007. With RSI beginning to indicate oversold conditions, an entrance into a buy position with stop on close below $35 may serve as a low-risk trade. Otherwise, enter short on close below $35.

Thursday, September 11, 2008

Seagate Technology (STX)


Having halved in value within the last 11-month period since Nov 2006, manufacturer of data storage devices, Seagate, is currently re-testing the $14 level; an area last seen as support during the July 15th lows coinciding with YTD market-wide lows. With positive RSI divergence against price action and oversold stochastics; current consolidation may form a Double-Bottom pattern with a price target of $19 approx. Otherwise, a breach of $14 may see price action decline further to subsequent support levels of $12 and $10.

Monday, September 08, 2008

S&P 500 - Head & Shoulders ?


The Fannie & Freddie bailout saw the the S&P rally over 2% towards the underside of the Neckline of a probable Head & Shoulders formation. RSI support since the July 15 uptrend is now serving as resistance. An entrance into a short position with a stop on close above today's high at 1275 may serve as a low-risk trade.

Monday, September 01, 2008

Boeing Co. (BA) - Elliott Wave


Manufacturer of aerospace & defence systems and jetliners, Dow component Boeing, has completed a 5-wave Elliott impulse formation between April 2003 and October 2007. Current price action may be scheduled to rally towards the underside of the Neckline of a broken Head & Shoulders pattern (coinciding with the 38.2% Fibonacci retracement level of the 5-wave Elliott move), where wave-c of a corrective a-b-c formation may resume.