After a sharp decline of almost 10% on Monday Tesla Motors, Inc. (TSLA) has been in consolidation the rest of week right above very important technical level in 247-250 zone where 50MA, 1 year long trend line and Fibonacci retracement level together form strong support but which if broken is also potentially inflection point that could lead to further decline toward 235 and 220 area. According to this I am looking to increase my current small short position once(if) last week low at 247 zone is broken, initial stop in 265 zone.
After a strong performance in August of almost 10% Apple Inc. (AAPL) is consolidating in a narrowing range which looks like a bullish pennant pattern and which is now building upside pressure at 103 resistance. If breakout occurs in the coming days -- what current pattern suggest we could see acceleration of prices toward 104-106 range. Pennant pattern support trend line should be used as initial stop while target is projected with Fibonacci extensions.
Facebook, Inc. (FB) is within few stocks which price was not affected with the recent market correction, but the opposite, it is building pressure at upper rising trend line which if broken could accelerate prices toward the new all time highs in 80-84 range. Price to watch for entry 79.5, initial stop should be set below 20SMA at 77 area, and targets are projected with Fibonacci extensions - prices are annotated on the chart below...
Cliffs Natural Resources Inc. (CLF) - consolidating in a flag last couple of few days after strong bounce from Oct lows in 7 area. Has potential of another wave toward 11-12 range if it breaks 10 resistance
Federated Investors, Inc. (FII) which has rallied about 15% in the past month, is poised to challenge a resistance line at around 31.50 that has contained prices on four occasions this year. If breakout occurs today/in the coming days prices could accelerated toward 33 zone on the short term.