Stock Setups

EPEX Edge Petroleum Breaks Out with a Sign of Strength

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I had mentioned EPEX a few other times casually because I though it had some good potential based on an important volume swing test in early June and early May 2009.

When I first started writing about EPEX I was intrigued by the substantial high volume swing test that occurred on June 1st.  That was a very important clue as to the behavior of this stock because it was telling me that we would have a good chance of revisiting those levels.

But when I first mentioned it on July 28th, 2009, the price was languishing in a somewhat choppy confusing price pattern that seemed like it was going nowhere.  Despite the confusing price action there were still well defined resistance lines and support lines that contained price and gave good parameters to work with.

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Edge Petroleum Corp EPEX Trying to Breakout North from Rectangle

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EPEX is trying to get some kind of a breakout move going but so far has been unable to get any kind of confirmation.

On Friday August 21st, it did manage to get another upward advance within the rectangle (defined by the blue horizontal and blue dotted horizontal) and also get a close above the down trend resistance line.  The volume also got a nice surge going today and may be an early sign that EPEX is close to getting above the .50 level.

It needs to get above and hold above .50 for me to start thinking a new uptrend has started.  So far still a no go, but I will take today’s action as a possible early clue.

Also note on the EPEX oil stock chart (click on it for full size) above the top left corner of the chart where I show the USO oil ETF.  It is possible that the USO oil ETF is close to completing a head and shoulders bottom formation.  I would think a northward breakout from that formation would definitely help the cause of EPEX finding a way to get a new uptrend going.

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Citigroup Inc. (NYSE:C) Delivers a Confirmed Volume Breakout

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The pressure was on Citigroup to deliver a breakout above the 4.50 level on greater than 1.22 billion shares.  Citigroup delivered handily today with a nice sign of strength breakout on 1.35 billion shares.

Now the 4.50 level becomes new support and there still exists this bright green up trend line which should help support price into the 6 to 6.40 range which I consider to be an ideal target and eventual exit point.

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CTIC Cell Therapeutics Still Holding Above Blue Resistance Line

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There is not too much new to say about CTIC today other than the fact that it is still doing what it is supposed to do.  CTIC held above both the original blue longer term resistance line (which is now support) and it also held above the shorter term red minor trendline.  This is important … Read more

C Citigroup has an Outstanding Bullish Setup

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It seems I have spent so much time focusing on a lot of really cheap and speculative stocks here at BestOnlineTrades that I haven’t been able to see the forest for the trees.  Well I saw the whole forest today and Citigroup jumped right out at me.

Citigroup looks like a really good setup to me right now.  Even though it has already rallied the last few weeks we have closed on August 20th right at the previous resistance line.  The volume comparison between the two swings noted by the red arrows shows a decline of about 13%.  That may be a sign that we get a minor pull back tomorrow, but I think Citigroup is going to bust out topside from this 4.50 resistance level and head on towards the 6 to 6.50 range perhaps during the next few weeks.

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ANDS Anadys Pharmaceuticals Compressing Into a Tight Range

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Here is another quick mention of ANDS.  I still think something interesting could potentially be developing here on the upside eventually.  ANDS is not ‘timely’ now because it probably still wants to fill into that green shaded area on the chart above.  But it may become ‘timely’ if it can get an upside break and hold above 2.70 in the weeks ahead.

I just like the fact that ANDS near the beginning of August was able to do a massive body blow on huge all time record volume to the 3 and change red dotted resistance line.  That price swing also tested quite a few previous swings and exceeded their volume by factors of 5 to 10.

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CTIC Cell Therapeutics Near Term Uptrend Remains Intact

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CTIC pulled back today and volume declined by roughly 50% compared to yesterday.

It closed above the former blue downtrend that that was pierced yesterday which is a short term positive sign.

Tomorrow I really prefer to see CTIC close above 1.64 or higher and to keep an intra day low that is higher than 1.61 .  If CTIC can do that then it will remain in the green shaded area I have drawn on the chart and keep the short term uptrend intact.  This is critical in my opinion for the breakout continuation into next week.  I want to see CTIC stay trading within this green shaded area as a sign that the potential breakout continuation is still in force.

If CTIC is not able to close and hold above 1.62 tomorrow then it will be a concern going into next week in my opinion.  We must not close below 1.62 tomorrow otherwise it may be a short term sign that this breakout continuation is in doubt for next week.  I like to see stocks PROVE themselves and I really do not have much patience for lack of performance because a lot of the time it can lead to big problems later on. 

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CTIC Cell Therapeutics Breaks Out on Substantial Volume

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CTIC had a nice confirmed breakout move with confirmed volume and sign of strength above the down trend resistance lines of its larger triangle formation today.  This is part 3b in a multipart series on CTIC.  I first started tracking CTIC when it was compressing into the apex of this triangle on August 15th, 2009.

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So far all systems are go on CTIC in my opinion.  The bombshell volume today and wide price spread is exactly what we wanted to see as confirmation of the beginnings of a breakout.  The price of CTIC did retrench at the end of the day but it still achieved a somewhat better than mid range close for the day. Not bad at all.

It appears that the price is starting to move in anticipation of that so called forward looking news event that may or may not occur on August 24th which is upcoming Monday. 

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