Nalco Holding (NLC) gained 22 cents to 36.62 Tuesday, approaching a double-top resistance line going back to its huge July up-gap. The stock has been in a rising wedge formation with higher lows converging on the key 37 1/4 resistance line. A break above that point, call it 37.29, would very bullish for the stock.
Other bullish charts to watch for Wednesday are Northrop Grumman (NOC), which could see a trend reversal it breaks above 55 1/2, and Deckers (DECK), approaching its all-time high at 106.07, a break through which could lead to a 112.04 target area.
In addition, we're watching the 24.75 level on Research in Motion (RIMM) for a possible breakout and the 53.55 area on Target (TGT).
Originally published on TraderHR.com.
