C, ITRI, QSFT, WMS - Stock Charts to Watch
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The market is looking pretty tough and continues to come down so we’re going to take a look at some of the Boxer Shorts.
Citigroup, Inc. (C) was in the 43 - 44 zone and has come straight down over the last three or four weeks. Monday it broke another 1.79 and dropped to close just around 38. A nice move has already been in it from that 45 to 38 zone, and it could take a quick move toward 36 1/2 in the next couple days. If it breaks down in that area it has the potential to reach down to the low 30s at some point.
Itron, Inc. (ITRI) had a long two-year support level that was broken last week at the 49.40 level. A move below that level and this stock could start to cascade lower, and quickly. The ultimate target is down around 41 - 42.
Quest Software Inc. (QSFT) had a topping pattern that broke down hard, and now a consolidation that may be breaking down as well. If it gets below the 20 - 20 1/2 range, it could see 18 1/2, maybe 17.
WMS Industries Inc. (WMS) cracked in January, formed a little bear wedge, broke down, bear wedged again, made another sharp move lower, tested support, and bounced around for awhile. It then cracked hard with a sharp drop down, formed a rising wedge that took it up to the moving average and lateral price resistance level, and then rolled over on Monday. If it takes out these lows, it could test the long-term channel at around 27 1/2 - 28.
Other stocks in our Charts for the Day are Cree Inc. (CREE), Oshkosh Corporation (OSK), Akamai Technologies Inc. Dolby Laboratories, Inc. (DLB), (AKAM), China Yuchai International Limited (CYD), 3D Systems Corporation (DDD), DigitalGlobe, Inc. (DGI), Dawson Geophysical Co. (DWSN), Forest Oil Corp. (FST), Kraton Performance Polymers Inc. (KRA), Lamar Advertising Co. (LAMR), Longtop Financial Technologies Limited (LFT), Lexmark International Inc. (LXK), Northern Oil and Gas, Inc. (NOG), NuStar Energy L.P. (NS), Nxstage Medical, Inc. (NXTM), Oshkosh Corporation (OSK), Pioneer Southwest Energy Partners L.P. (PSE), Rockwell Automation Inc. (ROK), Sina Corp. (SINA), Stratasys Inc. (SSYS), Tech Data Corp. (TECD), Trimble Navigation Limited (TRMB), USANA Health Sciences Inc. (USNA), Vera Bradley Designs, Inc. (VRA).