At the beginning of every week I will take a look at the broad market as a whole and discuss what important updates will be happening in the week and if any significant reports/earnings will be coming out.

Then everyday I will try to find a new stock that I feel is poised for a big next couple of days and set price targets, stops, etc.

Tuesday, April 29, 2008

ICE ICE Baby!

Okay guys so tomorrow is the big day and I'll work on getting some brief comments on where we should be looking at going after the GDP and the FED announcement. The only other big event this week is Friday's unemployment numbers...

With that said here's a chart to tide you over:

ICE:
Okay so that is the chart for ICE what needs to be mentioned is the teal trendline that was broken earlier this year. Furthermore it looks to me like a H&S top has formed with the correct volume pattern (decreasing). Now all that needs to happen is a break through the neckline at 110 and this chart is in business.

Other things in the chart the MACD has not violated it's downward trend and neither has the RSI as it has bounced right off the downward trendline.

As far as price targets and stops go:

Short at around 155
Stop at around 165.
Take partial profits at the neckline at 110.00 and take full profits at around 80 (although this pattern could go all the way down to 60!!!

That is all until tomorrow good night!
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