Monday, April 24th 2006
Noon Update - SMH, CEPH, & SNDK
Semiconductor Holders ETF (SMH) - Daily chart
The SMH daily chart, illustrates that it is in a a large megaphone topping pattern / RST. Furthermore, it appears that the SMH is forming an inverted head and shoulders pattern with the larger RST pattern. The Neckline is at previous resistance at $38.81. If the SMH can take out that resistance, then that action will be bullish and the SMH will be headed towards E of the RST. The Aroon is in a bullish cross, and the indicators and oscillators are turning bullish. The SMH is looking better now, and it is holding it's moving averages.
Cephalon, Inc. (CEPH) Daily chart
On the daily chart, you can see that CEPH is also trading in an RST. Last week, I issued several buy back alerts on CEPH at $59.60. However, it shall probably back test the lows to form a double D bottom before it goes back up to E. It may also form an inverted head and shoulders pattern as the SMH is. The Aroon just had a bullish cross, which means it will backtest the lows at the cross time. The Stochastics are bull flagging.
SanDisk Corp. (SNDK)- Daily Chart
The daily 6 month chart shows that SNDK has been in a wave 3 to 4 correction since the beginning of this year. So far SNDK has held above it's 200 day moving average nicely @ $52.15. SNDK has now broken out of the continuation wedge. SNDK is now pulling back on light volume to fill the gap at the $58.00 area. Now, however, the correction lows have been put in, and SNDK is holding it's new uptrend line. Indicators and oscillators are bullish, and showing bullish divergence. I gave a pre -market alert to buy SNDK back today, because it is forming a lower risk pattern here.
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