Yes, it is definitely up. Defining the tend is the most important concept in technical analysis. You must always trade in the direction of the trend and jump aboard for the ride. Use candlesticks and other confirming indicators — moving averages, on balance volume and momentum indicators — to determine when it is time to exit the trade. All the indicators will be reviewed in future posts using real time examples. And, the objective of the site is to keep-it-simple: anyone can complicate a topic.
BCE 3-Year Weekly Chart
See the article in the National Post on the analyst upgrade for BCE.
This is a major coal mining company in the US. Coal stocks are moving up due to the projected demand in China for metallurgical coal.
Take a look at the 3 year chart. This is the start of a classic chart pattern with a break at $25 which is major resistance. Now the stock must hold above $25. An important concept in technical analysis is support and resistance. Once a stock breaks resistance; the price point becomes support. In the case of Patriot Coal, $25 is now major support; and I will sell the stock if it does not hold this price point.
Adobe Systems raised to Buy from Neutral at BofA Merrill.
Take a look at the 3 year chart. The 50 day moving average is set to cross the 200 day moving average. I like the candlestick pattern and would set the stop loss at $30 and target $38 to sell the stock.
GE raised to Buy from Neutral at UBS.
Take a look at the the 3 year chart. This is not a spectacular chart but the stock is moving up. I would like to see this chart break $20 which is major resistance.
BMO is in a consolidation phase: the intermediate trend is sideways. The first support level is $58 and major support is $56 for Bank of Montreal. The stock will meet resistance at $62.00 with major resistance at $64.00.