Navistar has, for the past couple of years, done a good job bouncing between its Fibonacci fan lines. I am using these as indicators of support and resistance. I bought NAV earlier today at 33.85 and have my stop set at 33.79.
Coffee Holding Company, a stock I've mentioned on this blog before, continues to base quite nicely. I am long this position – the intraday graph below shows how it's been forming a nice saucer.
And, looking at the daily view, you can see how the stock is at the lower end of its range.
If you had asked me in 2008 what AIG would be doing in early 2012, I doubt my answer would have been "moving higher almost every day". In any event, it is, and I remain happily long this stock, whose very well-formed inverted head and shoulders pattern is doing just what it's supposed to do.
The key resistance trendlines were tested and broken yesterday, and the setup this morning looks clearly bullish. We might see a pullback to retest broken resistance in trading hours, but on ES and NQ those retests have already happened overnight. On NQ the break up from the broadening descending wedge has been very classical with a break, the retest and move up. The pattern target is at the 2012 highs in the 2792 area and Bulkowski gives these an average 79% probability of making that target area: