Weekend Update - INDU, JPM, C, & RKH
Dow Jones Industrial Average (INDU) - Monthly chart
For the past 3 months, my price target for the INDU has been 11,350. I have stuck with this price target of 11,350 because it was the next obvious resistance level for the INDU. When the DOW surpassed the 72% Fibonacci retracement level at 11,300 and held it, the next stop was 11350. Well, the INDU finally sliced through resistance at 11350, which is the 90% retracement level. I also stated in a previous update that should the INDU surpass 11,350, the next resistance level is at the all time high of 11,750.20. Therefore, we are now headed for 11,750.20 sometime later on this year. The INDU has held its moving averages and is consistently moving upwards. On the monthly chart, you can see that both the PPO and Williams % are both turning up. Volume is also expanding and the RSI is not even overbought. The INDU is up 2.32% for a gain of 257 points at 11367.14
J.P. Morgan (JPM)- Daily chart current
The daily chart illustrates that JPM has broken out of an ascending triangle. As you can see, the PPO and stochastics and volume moved up in tandem with price. My target has been $45.00. If you have a position in JPM take profits here because price target has been hit. I encourage exiting because there is no longer a pattern in play. Please refer to the original update on 2/10/2006.
J.P. Morgan (JPM)- Daily chart from 2/10/2006
The daily chart illustrates that JPM is forming a possible ascending triangle. The price target is in the mid 40's once it breaks above the down trend line. As you can see, the PPO and stochastics are starting to turn up. I am not going to put JPM in the portfolio, because I prefer higher beta momentum stocks. Nevertheless, if you like large caps then please feel free to buy it. Should JPM break out, so should the banking and brokerage sector, which in turn shall add momentum to the broader market.
Citigroup, Inc. (C) -Daily Chart current.
As you can see from the chart, Citigroup has broken out of an ascending triangle to make new all time highs. Today, C had a huge rally up 3.74% at $49.95 . Citigroup had a big new bullish stick up out of this triangle to make new 52 week highs today. This is an impulse move up. The pattern says that C will probably go higher. Furthermore, indicators and oscillators are moving up along with price, which is bullish. The banking sector has been very strong.
Citigroup, Inc. (C) -Daily Chart from 2/24/2006
The daily Citigroup chart looks very bullish. It is in an ascending triangle pattern. It is holding it's uptrend line nicely and the moving averages are just crossing over and turning upwards. On Friday, Citigroup closed up 0.11% at 46.85. In addition, the Aroon has just had a bullish cross, and all other indicators are bullish. The banking index, as previously mentioned, is very strong.
Bank Regional Holders ETF- RKH- daily Chart
The daily chart illustrates that the RKH broke out of a slim jim pattern in early February 2006. The RKH then traded sideways in March and April above the breakout/slim jim pattern. Furthermore, the RKH is in the identical slim jim pattern on the monthly, weekly & daily charts. This type pattern is called a fractal because it is a mirror image of each chart on every time frame. You can also see that volume is strong and is supporting the recent break out. Indicators and oscillators are also bullish and moving up along with price. The banking sector is very strong.
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