CYD, FST, IHS, VRA Among Charts to Watch
by Harry Boxer, www.TheTechTrader.com
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It was a bad day on Wall Street on Monday. The market got hammered and a lot of our Boxer Shorts reacted to the downside. However, we had a lot of good longs and day trades in our chat room in addition to the ultra-shorts, of course. We’re going to take a look at some of the Boxer Shorts in case the market starts to get out of hand to the downside.
China Yuchai International Limited (CYD), which we recently had as a swing trade, came down, rallied back to resistance within the confines of a bear flag or channel, met the moving average, could not get through, and began to rollover, down 1.41 on Monday. If it starts to crack, it could start to retest the lows at 17 1/2, maybe even get down to 16, which is the short-term target.
Forest Oil Corp. (FST) is in a declining channel, and an ugly one since it cracked in May. It formed a bear flag, fell rapidly again, met support, and then finally bounced back to the declining topsline and moving averages, but failed miserably cracking last week, following through on Monday, down another 94 cents. It has actually taken out lateral price support, and if it doesn’t rally here, it could cascade down to the high teens very quickly.
IHS Inc. (IHS), which formed a kind of channel top after going upward for about a year, and then cracked hard, formed a rising, bear type flag just below the moving averages, and rolled over on Monday for 1.30. If this stock starts to catch some downside momentum it could take out the 80 area pretty quickly, and then test the mid 70s.
Vera Bradley Designs, Inc. (VRA) cracked hard in early June, went sideways for about four weeks, and even though it was up on Monday, look for this stock to maybe rollover eventually. Downside target is around the 32 1/2 area.
Other stocks in our Charts for the Day are Akamai Technologies Inc. (AKAM), Cree Inc. (CREE), DigitalGlobe, Inc. (DGI), Dawson Geophysical Co. (DWSN), Gen-Probe Inc. (GPRO), NuVasive, Inc. (NUVA), The Scotts Miracle-Gro Co. (SMG), Trex Co. Inc. (TREX).
