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Level 3 Communications, Inc. (LVLT) is approaching lateral resistance in its two-month rectangle pattern, in which the stock has been consolidating after a 25% gain in November. If it breaks out above the $50 resistance, we could see a continuation of a trend toward $51-52 short-term. Initial stop loss is at the 20 SMA at $48.40.
Originally published on TraderHR.
From over at ZeroHedge-land early this morning……..(and appended by another chap):
A few minutes after the open, I thought we had ’em. We didn’t.
Instead of pretending that Abercrombie & Fitch is the only clothier I think is shortable, I’ll add Guess (which, as a child of the 80s, I have intertwined in my brain with Claudia Schiffer). Anyway, here be the chart, creaking at support…….
I posted a couple of charts on twitter last night showing the very interesting setup here on ES and SPX. The setup on SPX is the falling wedge that I’ve been showing in recent days and the double bottom with a target at 2054. I mention on the chart that the target area would be a 61.8% retracement of the falling wedge and that might be the top of the rally there, if indeed this is just a rally. SPX 60min chart (posted last night on twitter):
