AMZN, FCFS, GTLS, HGR - Stock Charts to Watch
These are the Charts of the Day. It’s pretty ugly out there. A lot of this is deterioration we’ve seen across the board, and is leading us to believe that if we don’t stop the bleeding right here it’s not going to snap back. We could get a substantial sell-off, which is long overdue. There are still some stocks that look great, but we are going to go over some shorts here.
Amazon.com Inc. (AMZN) had developed a big uptrend, broke down, formed a 3-wave corrective rising wedge, and then rolled over the last four days. Monday’s rollover actually crossed over and moved right underneath support. If it moved down much further, it may take a slap at 332-38 quickly, at which point the market might be oversold enough to get a nice bounce. The problem is, if it continues lower it could get down into the 350-20 area pretty quick.
First Cash Financial Services Inc. (FCFS) had been in a very big upmove for the last several months, it rolled over and collapsed down, and formed a large flag or a rising wedge on lousy technicals and low volume. Leg one is down, leg two is up, so expect leg three to be pretty ugly. At best, it will be in the 48-7 area. It may be a lot worse if it follows the channel down. We'll just have to wait and see what is going to happen next.
Chart Industries Inc. (GTLS), which we put out as a short on Monday, had a big drop down, followed by wedge, which resulted in another drop, then it formed a bear flag, had a little bounce back to resistance, and then the last four or five sessions it’s been moving down. The technicals look bad, and it looks like it starting to fall apart. The first target would have to be around the 72-74 zone, and if it continues to move down, it could get ugly in the low to mid 60’s.
Hanger, Inc. (HGR) has an ugly top pattern. It formed a rising wedge after the top breakdown, and then broke out of the wedge to the downside for three more days now. It may test the line at 30, which is the next target.
Other on Harry’s Charts of the Day are T2106, S&P 500, Celgene Corporation (CELG), Home Inns & Hotels Management Inc. (HMIN), Icahn Enterprises (IEP), International Game Technology (IGT), MarkWest Energy Partners (MWE), Nationstar Mortgage Holdings Inc. (NSM), Regional Management Corp (RM), TAL International Group, Inc. (TAL), and West Pharmaceutical Services (WST).