AIV and NEU Potential Setups

October 19, 2006 at 10:30 pm by Will

A couple of interesting charts for your viewing pleasure this evening. I’m sure I don’t need to remind anyone that tomorrow is options expiry, so we may get more action going out into the yard and watching the grass grow than we will trading.

First, a bearish engulfing pattern following a hanging man on AIV (Apartment Investment and Management):

AIV

A drop thru today’s low of 57.75 could provide us with a short entry if the market cooperates.

 

What if the market is raging upwards? Anything looking to break to the upside? Have a look at NEU (Newmarket Corp):

NEU

This one could provide an entry above today’s high of 65.42, but watch out for the 52-wk hi just above at 67.19. More conservative traders may wait for the break of the 52hi, or maybe go for a hybrid, putting on a partial position at the break of today’s bar and the rest if the 52hi fails.

I’ll be watching these two tomorrow, but not expecting much. The action of the overall market (or lack thereof) will be the deciding factor.

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