Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for March 16 2006
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| STOCK: CANNON (CAJ) |
WEBSITE: www.cannon.com |
| CURRENT PRICE: 62.40 |
TREND: SHORT TERM UP, LONG TERM STRONG POSSIBLITY |
| TARGET PRICE: N/A |
RECOMMENDATION: BUY |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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Today we will provide technical analysis on Cannon, an NYSE listed stock. The charts are very impressive on this stock, so lets start by taking a look at the long term outlook. The chart looks very good, with the stock going through a basing phase as we speak, with resistance around $64. Taking a look at the indicators, you can see the massive inflow of cash from the bottom indicator on the first chart. This inflow has been occurring since October 2005, which caused an eventual breakout and allowed the stock to trade at its current price. The MACD is of extreme interest here. It has made a negative cross over here, but how low will it go? We don’t think its going to go very low, and if it begins to turn here, this stock could display healthy gains from here. Still, confirmation is needed though, but when looking at the short term chart, we think it will have an influence on the longer term direction. Taking a look at the daily chart now, you can see the recent consolidation that started in January. This phase is showing an ascending triangle, which is bullish, and it should break out shortly. The MACD has convinced us that things are going to be very good in the short term, with a strong test of its January highs, and a possible break to higher highs.
Overall, things look very good on both charts, the long and short term. Expect a healthy gain here, and watch the long term MACD, with any up tick signaling a continuation of the longer term up trend.
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