Today we'll analyze the Stock HCP for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 29.68$ (02/25/08) to 27.63$ (03/06/08) a 2.05$ move
2- The current bullish trend started from 27.63$ at 03/06/08 and is currently trading at 31.74$.
3- According to ADX, the trend is currently bullish, which is getting stronger.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :
4- The Stock formed Double Top Pattern at 29.68 that failed, and formed a support .
5- The Stock was resisted by a resistance line, identified by two points: 29.68 and 29.81 that was broken up at 29.92 transforming into a supporting line.
Mid term chart patterns :
6- The Stock was resisted by a resistance line, identified by two points: 33.28 and 34.27 that was broken up at 31.48 transforming into a supporting line.
Long term chart patterns :
7- The Stock was resisted by a resistance line, identified by two points: 33.28 and 34.27 that was broken up at 31.48 transforming into a supporting line.
Conclusion:
HCP was trading in a bullish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: .
Support Levels: 30.77, 30.64, 30.17, 29.68, 29.26, 29.20, 28.90,.
We Moved!!
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Friday, March 21, 2008
HCP, Inc. (HCP) Technical Analysis
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Shadi
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