` Gary Investing Blog: 12/10: BP, HPQ, POL, PWR, SLYW


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Monday, December 10, 2012

12/10: BP, HPQ, POL, PWR, SLYW

 BP Amoco PLC (NYSE: BP) failed to break above 50day and 200 day moving averages. Now, both moving averages trending downwards, with falling Slow STO, RSI. I think BP is a good short candidate. I can't see any technical that it is going to reverse its downtrend in the short future.

Hewlett-Packard Co. (NYSE: HPQ) gains a lot of attention the recent weeks due to its quick recovering from the $11.00 bottom. Today's high, $14.59, is about to touch the big resistance level at $14.71. HPQ is now closing above its 50 day moving average with high MACD reading. If $14.71 is significantly crossed with decent volume, HPQ should recover back to $16.00 in no time. However, Slow STO is persistently showing overbought level, there might be some correction or horizontal move until a breakout comes and high slow STO reading eases.

 Polyone Corp. (NYSE: POL) has broken its ascending triangle pattern today with higher-than-normal volume. MACD crossed above with higher lows in Slow STO. However, POL tends to have correction at least back to the level around 50-day moving average. So, my strategy is be patient and entry when it is trading around $19.00.

Quanta Service, Inc. (NYSE: PWR) breaks above previous high and closes at $26.92 with great volume. MACD histogram crossed above zero last week. Similar to POL, a pullback to around 50-day moving average is a good entry point.

SkyWest, Inc. (NASDAQ: SKYW) is constructing a huge ascending triangle on chart with decreasing volume along the formation of the pattern (a textbook ascending triangle feature). Look for a break above, which could easily send to stock to $13.00.

Some worth-noticing tweets on my Twitter today:

CMF on $TLAB is about to cross above. Bullish. + Seems like an ascending triangle is forming.

  1. Today Candlestick of  looks like a Doji, not a good sign. Will take a look again right before close.
  2. Reversal (toward downside) on  Point & Figure Chart. Bearish.
  3.  finds great support at around $38.00. bullish.
  4.  flying after crossing $44.00
  5.  (Popeye's ) trading around its lower bband. watch for reversal pattern
  6. $NOK has shown very decent price action Since Nov, as long as it trades above $3.40, I think it has huge upside potential.


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